Resolution Re announces new £2bn UK reinsurance transaction

Written by Dan McGrath

16/01/2024

Resolution Re has announced that it has completed a transaction which has reinsured the market and longevity risks of around 90,000 policyholders, totalling around £2bn individual in-payment UK annuity liabilities.

The transaction, by Resolution Life’s Bermudian reinsurance platform, was completed at the end of 2023 and is Resolution Re’s second funded reinsurance transaction in the UK market.

Resolution Life said the transaction extends its position as a "leading global manager of in-force life insurance businesses", with over four million policies currently in-force.

Since 2023, prior Resolution entities, together with Resolution Life, have deployed £14.2bn of equity in the acquisition, reinsurance, consolidation and management of life insurance companies.

These companies have served the needs of around 14 million policyholders while managing of £296bn of assets.

Hymans Robertson acted as actuarial advisers and CMS served as legal counsel to Resolution Re in connection with this transaction.

Chief executive officer at Resolution Re, Steve Hales, said: "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."

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