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
Blackstone private credit fund prices $400m 2029 bond amid software volatility
Blackstone private credit fund prices $400m 2029 bond amid software volatility A publicly traded private credit vehicle managed by Blackstone has priced a $400m bond due in 2029 at a yield of 2 percentage points above US Treasuries, according to Bloomberg. The bond,...
Plaid returns to $8bn valuation in employee liquidity funding round
Plaid returns to $8bn valuation in employee liquidity funding round Plaid Inc. has secured an $8bn valuation in a new funding round designed to provide liquidity to employees, says Bloomberg. The amount raised was not disclosed. The San Francisco-based fintech remains...
Equinix and CPPIB near $4bn deal for Nordic data centre operator atNorth
Equinix and CPPIB near $4bn deal for Nordic data centre operator atNorth Equinix and Canada Pension Plan Investment Board are close to acquiring pan-Nordic data-centre operator atNorth in a transaction that could value the company at approximately $4bn including...