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RNS Number : 5914Z Resolution Life Group 15 January 2024
Resolution Re announces new reinsurance transaction in the UK
· Resolution Re announces a new reinsurance transaction
· Approximately £2bn ($2.5bn) of individual in-payment UK annuity
liabilities reinsured
· Extends Resolution Life's position as a leading global manager of
in-force life and annuity policies
HAMILTON, BERMUDA, - Resolution Life, a leading global manager of in-force
life and annuity policies, announces that its Bermudian reinsurance platform,
Resolution Re, has executed a transaction with a prominent UK-regulated
insurer.
The transaction was completed at the end of 2023 and sees Resolution Re
reinsure the market and longevity risks of approximately 90,000 policyholders
- c.£2bn ($2.5bn) of individual in-payment UK annuity liabilities.
This is Resolution Re's second funded reinsurance transaction in the UK market
and 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.
Steve Hales of Resolution Re said:
"This transaction affirms Resolution Re's track record of managing life and
annuity portfolios while supporting insurers in meeting their long-term
commitments to policyholders. We will continue to develop our leading
specialist in-force management franchise and we believe our global experience,
strategic relationships and aligned business model leave us well positioned to
grow."
Hymans Robertson acted as actuarial advisors and CMS served as legal counsel
to Resolution Re in connection with this transaction.
ENDS
Notes to Editors:
About Resolution Life
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.14 million policyholders while managing over $377 billion of
assets. Resolution Life today has operations in Bermuda, the U.K., the U.S.,
Australia and New Zealand, assisting the restructuring of the primary life
insurance industry 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
Visit resolutionlife.com (http://www.resolutionlife.com) for more information.
Media Enquiries:
Temple Bar Advisory - resolution@templebaradvisory.com
Alex Child-Villiers - +44 (0)7795 425580
Juliette Packard - +44 (0)7425 826161
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