RCS - Resolution Life Grp - Resolution Re announces reinsurance transaction
15/01/2024 08:15
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240115:nRSO5914Za&default-theme=true 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 This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END NRADGGDBIGBDGSD