Picture of Zurich Insurance AG logo

ZURN Zurich Insurance AG News Story

ch flag iconLast trade - 00:00
FinancialsConservativeLarge CapNeutral

RCS - Resolution Life Grp - Resolution Life enters into strategic transaction

For best results when printing this announcement, please click on link below:

RNS Number : 6484Z  Resolution Life Group  17 May 2023

Resolution Life enters into a strategic transaction with Farmers New World
Life Insurance Company, a subsidiary of Farmers Group, Inc.

New York - Resolution Life US Holdings Inc. ("Resolution Life"), a subsidiary
of Resolution Life Group Holdings Limited, a global manager of in-force life
insurance businesses, today announced the agreement of a transaction with
Farmers Group, Inc.'s life insurance subsidiary, Farmers New World Life
Insurance Company ("FNWL").

Under the agreement:

·      FNWL will cede its in-force individual life insurance business to
Resolution Life's insurance subsidiary, Security Life of Denver Insurance
Company ("SLD")

·      Resolution Life will administer the reinsured policies, with
certain operations supporting administration moving to Resolution Life

·      SLD will enter into a flow reinsurance treaty, covering the
current range of individual life products for a pre-defined period, effective
on the closing of the transaction

·      Resolution Life has partnered with Swiss Re to retrocede all of
the reinsured term life insurance liabilities

The transaction will extend 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.

Conor Murphy, Chief Executive Officer, Resolution Life US, said:

"This transaction builds on Resolution Life's strong US presence and further
advances the global scale of our in-force life and annuity management.
Furthermore, it re-affirms our operational and administrative capabilities and
track record of migrating life portfolios while maintaining a high level of
customer service for policyholders. We will continue to seek growth with the
primary insurance industry, continuing to develop our leading specialist
in-force management franchise in the US, and globally."

Warren Balakrishnan, Chief Strategy and Development Officer, Resolution Life
US, said:

"Resolution Life has designed a bespoke solution to meet the objectives of all
stakeholders: delivering value, with a compelling life insurance proposition
for Farmers New World Life's customer base and distribution. We look forward
to working closely with Farmers New World Life."

The transaction is expected to be completed in 2023, subject to any closing
conditions or regulatory approval requirements.

Morgan Stanley & Co. LLC acted as financial advisors and Sidley Austin LLP
served as legal counsel to Resolution Life in connection with this



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.13 million policyholders while managing over $374 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

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

Visit www.resolutionlife.com (http://www.resolutionlife.com) for more


Media Enquiries:

Temple Bar Advisory

Alex Child-Villiers +44 (0)7795 425580

William Barker +44 (0)7827 960151

Email resolution@templebaradvisory.com



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)

Recent news on Zurich Insurance AG

See all news