Resolution Life, a manager of in-force life insurance businesses, has raised an additional $1.6bn in capital.
The firm will use the infusion to drive its growth plan through the acquisition and reinsurance of life insurance portfolios.
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Since its inception in September 2018, the firm has bagged nearly $5bn in commitments.
Resolution Life is backed by financial institutions, insurance companies, pension plans, sovereign wealth funds as well as family offices.
Resolution Life has a presence in the UK, US, Bermuda, Australia and New Zealand. It manages $60bn in assets globally on behalf of around 2.5 million policyholders.
Resolution Life executive chairman Clive Cowdery 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.
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By GlobalData“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.”
Recent moves by Resolution Life
Earlier this year, Resolution Life finalised the acquisition of Voya Financial’s individual life in-force business.
The deal involved the sale of substantially all of Voya’s in-force individual life business, including Security Life of Denver Insurance Company, Midwestern United Life Insurance Company along with certain other affiliates. It also involved the reinsurance of Voya’s remaining in-force individual life as well as annuity blocks.
Last year, Resolution Life closed the acquisition of AMP Life for $2.3bn (A$3bn).
The transaction involved Resolution Life taking over AMP’s Australian and New Zealand wealth protection and mature businesses. It involved a cash payment of A$2.5bn, and A$500m or 20% equity interest in the newly-formed Resolution Life Australia.
An Australian-domiciled, Resolution Life-controlled holding company, Resolution Life Australia is now the owner of AMP Life.
