The latest from Resolution Life;
Resolution Life, a global life insurance group focusing on reinsurance and the acquisition and management of portfolios of life insurance policies, announces that its Bermudian reinsurance platform, Resolution Re, has entered into a new UK Pension Risk Transfer (PRT) reinsurance transaction with a leading UK-regulated insurer. This represents Resolution Life’s third transaction in the UK following the two transactions that the company entered into in 2023.
The transaction reinsures longevity and asset risks associated with UK pension liabilities. Under the terms of the agreement, Resolution Life will reinsure liabilities covering both pensions in payment and deferred pensions.
Resolution Life has worked diligently to develop a funded reinsurance structure that can provide capacity to UK PRT writers in a sustainable way that considers the interests of all stakeholders including insurers and regulators.
Karl Chappell, a Managing Director of Resolution Life said:
“With another successful transaction in the UK, Resolution Life continues to demonstrate its ability to manage life and annuity portfolios, while supporting insurers in meeting their long-term commitments to policyholders. Resolution Life is pleased to be leveraging its global experience and expert capabilities to provide support to the UK insurance market.”
This transaction follows on the back of strong momentum for Resolution Life in the last 12 months having signed partnerships with Nippon Life and Blackstone as part of the $3bn equity capital raise, completed an inaugural $500 million Tier 2 listed debt issuance, closed three reinsurance transactions and acquired Suncorp’s New Zealand life insurance company, Asteron Life.
Resolution Life were advised on the transaction by the London offices of Eversheds Sutherland (International) LLP and Hymans Robertson LLP.
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