Bermuda-based consolidation vehicle is the third incarnation of Sir Clive Cowdery’s acquisitive Resolution
Resolution Life, an insurance consolidation vehicle founded by Sir Clive Cowdery, has completed a $3bn fundraising and added several of the investors who contributed, including JPMorgan and KKR, to its board.
Bermuda-based Resolution Life, founded in 2017, is Cowdery’s latest vehicle for buying and merging insurers.
A previous UK company, also called Resolution, acquired a series of businesses in the 2000s before merging with Britannic Group and then being sold to Hugh Osmond’s Pearl Group, later becoming Phoenix Group.
Cowdery relaunched the Resolution business a second time, buying Friends Life in 2009 and adding other businesses from Axa Sun Life and Bupa. This was then sold to Aviva in 2014.
This latest, third incarnation has acquired $5.7bn of life insurance policies from US insurer Symetra, and in October 2018, agreed to buy various insurance businesses from AMP in Australia and New Zealand for A$3bn.
In a statement on November 18, Resolution Life said it has raised $3bn from investors to finance further deals.
Representatives from JPMorgan, KKR, the Nippon Life Insurance Company, Singaporean sovereign wealth fund Temasek, and USS, the UK’s largest pension fund, will join its board — alongside an unnamed Middle Eastern sovereign fund.
Credit Suisse Asset Management acted as a placement agent on the fundraising.
Cowdery, who is executive chair of the company, said: “Resolution Life will continue to grow and release trapped capital and stranded costs for life insurers across a number of markets. I am delighted to welcome our cornerstone investors onto our board.”
Source: Financial News
Can’t stop reading? Read more
KKR set to acquire 85% stake in Chinese drinks group Dayao
KKR set to acquire 85% stake in Chinese drinks group Dayao KKR is nearing an agreement to acquire a controlling 85% stake in Chinese beverage company Dayao, marking the latest move by the global investment firm to expand its consumer portfolio in Asia, according to...
Apollo backs EDF with record-breaking £4.5bn private credit deal to support UK nuclear project
Apollo backs EDF with record-breaking £4.5bn private credit deal to support UK nuclear project Apollo has committed up to £4.5bn in fixed-rate callable notes to Électricité de France (EDF), delivering the largest sterling-denominated private credit transaction on...
Eurazeo fuels geothermal growth with strategic SMP Energies investment
Eurazeo fuels geothermal growth with strategic SMP Energies investment Eurazeo has acquired a majority stake in French-based SMP Energies through its Planetary Boundaries Fund (EPBF), with the goal of transforming the geothermal drilling company into a European market...