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
HongShan Capital nears $1.1bn acquisition of iconic audio brand Marshall
HongShan Capital Group, the private equity firm previously known as Sequoia China, is in advanced talks to acquire Marshall Group, the iconic audio equipment maker, for $1.1bn. The Stockholm-based company is famous for its guitar amplifiers, used by legendary...
Neuberger Berman introduces semi-liquid private equity fund for retail investors
Neuberger Berman has unveiled the NB Private Equity Open Access Fund, designed to provide retail and professional investors in the EU with diversified access to private equity co-investments. The fund combines flexibility and accessibility, offering monthly...
Los Angeles Fire & Police Pension commits $382.2m to private equity and credit funds
The Los Angeles Fire & Police Pension System approved $382.2m in commitments across six private equity funds and one private credit fund. These investments, finalised between November and December 2024, reflect the pension’s continued focus on diversifying its...