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
Paramount in exclusive talks to sell BET Network in $1.6bn PE-backed deal
Paramount Global is in exclusive negotiations to sell its Black Entertainment Television (BET) network to an investor group led by BET CEO Scott Mills and Chinh Chu, head of the New York-based private equity firm CC Capital, according to a report by Bloomberg. The...
KKR eyes $20bn for North American PE fund
Private investment major KKR & Co is gearing up to secure approximately $20bn from investors for its latest flagship North America private equity fund, North America Fund XIV, according to a report by Reuters. According to Reuters’s sources, KKR commenced its...
Ares and Searchlight commit £500m to RSK Group
UK environmental consulting and engineering service provider RSK Group is set to receive a £500m preferred equity investment from a consortium led by Searchlight Capital Partners and Ares Management. The investment will contribute to the execution of RSK’s 2030...