RCS - Resolution Life Grp - Resolution Re first UK PRT reinsurance transaction

BlackstoneAnnouncement

30/10/2023 08:15

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RNS Number : 6871R  Resolution Life Group  30 October 2023

30 October 2023

Resolution Re announces first UK PRT reinsurance transaction

·      Resolution Re has entered the UK PRT funded reinsurance market
with its inaugural transaction

·      Resolution has worked closely with its regulator in Bermuda to
add funded reinsurance capacity for UK PRT writers

 

HAMILTON, BERMUDA - Resolution Life, the long-term legacy life insurance
solutions provider, announces that its Bermudian reinsurance platform,
Resolution Re, has entered into the UK Pension Risk Transfer (PRT) market with
its inaugural reinsurance agreement.

The transaction reinsures longevity and asset risks associated with UK pension
liabilities of a leading UK-regulated insurer. Under the terms of the
agreement, Resolution Re will reinsure pension liabilities covering both
pensions in payment and deferred pensions.

Resolution Re has worked closely with its regulator in Bermuda to develop a
funded reinsurance structure that can provide capacity to the UK PRT writers
in a sustainable way that considers the interests of all stakeholders
including insurers and regulators.

This extends Resolution Life's position as a leading global manager of
in-force life insurance businesses, with over four million policies in-force,
supported by our operational and digital administrative capabilities that
enable better customer experiences.

The transaction is the first of its kind for Resolution Life, which has
previously signed reinsurance agreements with Lincoln National Corporation,
Dai-Ichi Life, Zurich Insurance Group, Allianz Suisse and Allianz Life North
America. Earlier in 2023, Resolution Life announced it had completed the
acquisition of AIA Australia's Superannuation & Investments business and
that it had closed its strategic partnership with Blackstone.

Resolution Re were advised on the transaction by the London offices of
Eversheds Sutherland (International) LLP and Hymans Robertson LLP.

ENDS

 

Notes to Editors:

 

About Resolution Life Group

Resolution Life is a global life insurance group focusing on the acquisition
and management of portfolios of life insurance policies. Since 2003 to date,
prior Resolution entities together with Resolution Life have deployed
c.$18billion of equity in the acquisition, reinsurance, consolidation and
management of life insurance companies. Together, these companies have served
the needs of c.13 million policyholders while managing over $375 billion of
assets. Resolution Life today has operations in Bermuda, the UK, the US and
Australasia, assisting the restructuring of the primary life insurance
globally.  Resolution Life provides a safe and reliable partner for insurers
as they restructure by:

·      Focusing on existing customers, rather than seeking expansion by
new sales

·      Delivering policyholder benefits in a secure, well capitalised
environment

·      Returning capital over time to our institutional investors in the
form of a steady dividend yield

 

Media Enquiries:

Temple Bar Advisory

Alex Child-Villiers          +44 (0)7795 425 580

William Barker               +44 (0)7827 960 151

Email
resolution@templebaradvisory.com (mailto:resolution@templebaradvisory.com)

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