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
American Axle to acquire UK-based Dowlais in $1.44bn deal
American Axle & Manufacturing struck a $1.44bn cash-and-shares deal to acquire Dowlais Group, further shrinking the number of companies listed on the London Stock Exchange. The acquisition offers a 25% premium on Dowlais’ latest closing price and a 45% premium on...
Colesco secures €800m in first close with backing from APG and Rabobank
Sustainability-focused direct lender Colesco raised over €800m in its first platform close, with APG and Rabobank joining as cornerstone investors. The Luxembourg-based platform is dedicated to financing sustainable ventures and aims to allocate at least 50% of its...
ArchiMed sells Diesse to Fremman Capital, delivering 4.6x return to shareholders
ArchiMed exited its investment in Diesse through a sale to private equity firm Fremman Capital, generating a 4.6x return for shareholders. The transaction concludes a five-year partnership in which ArchiMed helped transform Diesse into a leading clinical diagnostics...