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
Carlyle, KKR top bidders for Discover’s $10bn US student loan portfolio
Private equity firms Carlyle Group Inc are the top bidders for U.S. credit card issuer Discover Financial's $10 billion U.S. student loan portfolio, the Financial Times reported on Thursday. The two are "working together" for the bid as private investment firms seek...
CVC-Led Consortium Offers £5.4 Billion for Hargreaves Lansdown
The board of Hargreaves Lansdown, the UK’s largest investment platform, has said it is willing to “unanimously recommend” a £5.4bn takeover offer from a consortium of private equity firms led by CVC Capital Partners, according to a report by the Financial Times. In a...
Waterland acquires Irish energy technology companies in €50m investment
Caldor Solar and Zetta Home Services will now contribute to the Irish arm of the Dutch private equity firm’s portfolio of companies focused on decarbonising the economy. Private equity firm Waterland Ireland has acquired a majority stake in two Irish energy technology...