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
BP launches Castrol sale to meet $20bn divestment target, eyes private equity bids
BP launches Castrol sale to meet $20bn divestment target, eyes private equity bids BP has initiated the sale of its Castrol lubricants unit, aiming to raise up to $10bn as part of a broader $20bn divestment plan by 2027. The move comes as the British energy group...
KKR to sell up to $410m stake in HD Hyundai Marine Solution via block trade
KKR to sell up to $410m stake in HD Hyundai Marine Solution via block trade KKR is preparing to offload up to 8.5% of its stake in HD Hyundai Marine Solution through a block trade valued at up to KRW 560bn ($410m), according to sources in the investment banking...
GTCR to return over $5bn to LPs in 2024 following string of high-profile exits
GTCR to return over $5bn to LPs in 2024 following string of high-profile exits GTCR is on track to return more than $5bn to limited partners in 2024, positioning itself as one of the few private equity firms delivering substantial liquidity amid a subdued exit...