Resolution begins new acquisition spree in US
The insurance entrepreneur Clive Cowdery, who has spent billions consolidating the UK life insurance industry, has embarked on a mission to do the same in the US with a $600m (£395m) acquisition there.
His Delaware-listed Resolution Life Holdings beat off interest from private equity firms to snap up the 75-year-old insurer Lincoln Benefit Life. It sounds like the first deal of many: Allstate, the firm which sold Lincoln, said that “[Resolution’s] strategy is to acquire a number of life insurance businesses in the US and focus on the needs of existing customers over the long run, rather than actively seeking new sales.”
Mr Cowdery founded Resolution in the UK in 2008 to merge smaller life insurers and make them more efficient as part of one larger firm. The UK-listed company bought Friends Provident in a £1.86bn takeover, and the bulk of Axa UK’s life insurance businesses and Bupa Health Assurance.
Despite the similar name, Resolution Life is a separate company from the UK Resolution.
“Resolution Life has a long-term view of the market and is committed to retaining in-force customers and providing excellent customer experiences and support,” Allstate said.
Mr Cowdery’s first Resolution business began in 2004 with the purchase of Royal & Sun Alliance’s life business. A year later it led a reverse takeover of the listed group Britannic.
In 2008, Mr Cowdery sold the company to Hugh Osmond’s Pearl Group for about £5bn.
By performing as African Americans or Indians, white people get to play act a kind of 'imaginary liberation', writes Michael Mark Cohen
New essay by JK Rowling went live on Pottermore site this morning
New UK station Russia Today gives a very bizarre view of Britain
Top Gear presenter is no stranger to foot-in-mouth controversy
- 1 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 2 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 3 Woman blinded as a child can see again after hitting her head on a coffee table
- 4 Top Gear presenter Jeremy Clarkson criticised for beer tweet
- 5 The bubble bursts for Sodastream
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Woman blinded as a child can see again after hitting her head on a coffee table
Top Gear presenter Jeremy Clarkson criticised for beer tweet
The bubble bursts for Sodastream
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...