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
Irth Capital launches $1.5bn bid for Papa John’s with Brookfield backing
Irth Capital launches $1.5bn bid for Papa John’s with Brookfield backing Qatari-backed investment firm Irth Capital has offered $47 per share to acquire Papa John’s International in a transaction valued at about $1.5bn. The proposal marks the firm’s second attempt to...
Deutsche Bank discloses $30bn private credit exposure while planning expansion
Deutsche Bank discloses $30bn private credit exposure while planning expansion Deutsche Bank has disclosed a €26bn private credit exposure, equivalent to about $30bn, as scrutiny around the asset class intensifies. The German lender revealed the figure in its latest...
Partners Group chair warns private credit defaults could rise as AI reshapes markets
Partners Group chair warns private credit defaults could rise as AI reshapes markets Partners Group chair Steffen Meister has warned that private credit default rates could rise sharply in the coming years as artificial intelligence reshapes economic activity, the FT...