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.
The battle for control of Stieg Larsson's £30m legacy
Geoffrey Macnab does not like the comedian's big screen debut
Look beyond the usual shows for the best festive telly
Michelle Nijhuis' daughter insists (s)he is, and she learnt a valuable lesson on gender in books
newsFormer soldier taped 33 of the animals to the floor and then stamped on them one by one
Robin Thicke named sexist of the year 2013
PAs cleared of fraud - and Nigella Lawson left reeling at 'ridiculous sideshow' of drug allegations and public dissection of marriage to Charles Saatchi
Cycle death inquest: Boyfriend hugs driver of 32 tonne tipper truck that killed his girlfriend
Paul Walker death caused by speed alone
Apollo Theatre collapse: Scores injured after ceiling collapses in London's West End
- 1 Sun will 'flip upside down' within weeks, says Nasa
- 2 Christmas comes early: Justin Bieber is 'retiring from music'
- 3 Iain Duncan Smith leaves Commons food banks debate early
- 4 Cycle death inquest: Boyfriend hugs driver of 32 tonne tipper truck that killed his girlfriend
- 5 Burglar steals video tapes of child abuse, hands them into police
- < Previous
- Next >
iJobs Money & Business
£Negotiable: Citifocus: High calibre individual with institutional client serv...
£120000 - £150000 per annum: Cornwallis Elt : Programme Manager, Strategy Lead...
£55000 - £120000 per annum: Pro-Recruitment Group: The Financial Services Tran...
£600 - £700 per day: Harrington Starr: Client based in West London is looking ...