Resolution Re unveils $2.5 billion transaction in the UK

Resolution Life has announced that its Bermudian reinsurance platform, Resolution Re, has finalized a transaction with a UK-regulated insurer equal to $2.5 billion.

Completed at the end of 2023, the deal involves Resolution Re assuming the market and longevity risks associated with about 90,000 policyholders. This equates to approximately £2 billion in individual in-payment UK annuity liabilities.

This marks Resolution Re’s second funded reinsurance transaction in the UK market and solidifies Resolution Life’s standing as a prominent global manager of in-force life insurance operations. The company oversees more than four million policies, backed by operational and digital administrative capabilities designed to enhance customer service.

In executing the transaction, Resolution Re sought expertise from Hymans Robertson, who provided actuarial advice, and CMS, who served as legal counsel.

“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,” Resolution Re CEO Steve Hales said.

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