Resolution Life raises $1.6bn
Resolution Life Group Holdings LP, the Bermudian-based exempted limited partnership, has raised a further $1.6 billion of capital to support its growth.
Resolution Life said the capital raised will be used to advance the group’s growth strategy through the acquisition and reinsurance of life insurance portfolios.
Since 2018, Resolution Life said it has raised approximately $5 billion in capital commitments.
The company, a long-term manager of legacy life insurance portfolios, said its investors are leading financial institutions, insurance companies, pension plans, sovereign wealth funds and family offices.
In the past 12 months, Resolution Life said it has completed the acquisitions of AMP Life in Australasia for AUD$3 billion and Voya Financial Inc’s $1.25 billion individual life in-force business in the United States.
Combined with the Group’s Bermuda reinsurance base, Resolution Life said it now manages approximately $60 billion of assets, employs about 1,500 people and provides services to approximately 2.5 million policyholders.
The new capital raised will continue to be deployed in line with Resolution Life’s mission as a specialist consolidator of in-force life insurance, either through acquisition of companies or reinsurance, it said.
With its global platforms now established, Resolution Life said it is well placed for further growth, especially since Covid-19 has accelerated the trend of international life insurance groups looking to divest legacy insurance portfolios and release capital.
Resolution Life and prior vehicles founded by Sir Clive Cowdery under the Resolution brand have pioneered the consolidation of life insurance assets since 2003 and have deployed $16 billion of equity across multiple transactions, it said.
Sir Clive, Resolution founder and executive chairman of Resolution Life, said: “Resolution Life provides global insurance companies with a specialist partner to help them release capital while honouring the long-term commitments made to policyholders.
“Our scale, extensive transactional and operating expertise and our strong capital backing from high-quality investors provides insurers, regulators and policyholders with the confidence and certainty they require.”
Resolution Life has operations in the United Kingdom, the United States, Bermuda, Australia and New Zealand.