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
KKR to invest additional $250m in India’s Serentica Renewables
The US private equity firm KKR & Co Inc would invest an additional $250 million in the Indian decarbonisation platform Serentica Renewables, said Reuters in a report. "This latest investment will support the company's effort to achieve 4000MW of installed...
Carlyle & Seattle Sounders-led group completes US$58m takeover of NWSL’s Reign
A group led by Major League Soccer’s (MLS) Seattle Sounders and private equity firm Carlyle have closed a US$58 million deal to acquire the National Women’s Soccer League’s (NWSL) Seattle Reign. The Reign were put up for sale in 2022 after OL Groupe sold a majority...
Aegon Enhances £12bn Default Fund with Private Equity, Infrastructure, and Forestry Investments
Aegon has strengthened its largest workplace pension default fund with enhanced ESG integration and private markets investment offerings. The 700,000 members currently invested in the £12bn universal balanced collection fund will benefit from improved returns, value...