Resolution Life has raised an additional $1.6 billion of capital which will be used to support its growth strategy via the acquisition and reinsurance of life insurance portfolios.
This latest capital raise means that since its launch in September of 2018, Resolution Life has now secured commitments of roughly $5 billion.
Investors in the company include leading financial institutions, insurers, pension plans, sovereign wealth funds, and family offices.
The carrier states that the $1.6 billion of newly raised capital will be deployed in line with its mission as a specialist consolidator of in-force life insurance, either through acquiring companies or reinsurance agreements.
Following its establishment almost three years ago, Resolution Life has completed the acquisition of AMP Life in Australasia, and also Voya Financial’s individual life in-force business in the US.
Together with the company’s Bermuda reinsurance hub, Resolution Life now manages c.$60 billion of assets, employs c.1,500 people, and provides services to roughly 2.5 million policyholders.
“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,” said Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life.
The global life insurance group feels it is well placed for continued growth, notably since the pandemic has accelerated the trend of international life insurers looking to offload legacy insurance portfolios and free up capital.