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Japan’s Nippon Life has agreed to buy Resolution Life, the UK insurance group founded by entrepreneur Sir Clive Cowdery, in a $10.6bn deal.
Bermuda-based Resolution Life, established by Cowdery in 2003, specialises in buying up books of life insurance business from other insurers.
Nippon Life already owns a stake in Resolution Life and will pay $8.2bn for the remaining shares, valuing the group at $10.6bn.
US private equity group Blackstone, which is also a shareholder in Resolution, will stay on as investment manager for some of the company’s assets, Nippon Life and Resolution Life said in a statement on Wednesday.
Cowdery will remain in charge of Resolution Life after the deal.
He said: “Combining Resolution Life’s strengths, the investment management expertise of our partners at Blackstone and a well-funded parent gives us the opportunity to accelerate our growth.”
Nippon Life is under pressure to diversify beyond its domestic market where growth is expected to fade because of a shrinking and ageing population.
This is a developing story
