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The Actuary The magazine of the Institute & Faculty of Actuaries

Resolution wins the day

Resolution Life, the specialist closed life fund acquirer, won over two other bidders for the life business of Royal & SunAlliance. The consideration for the business was £850m. Immediately following this substantial deal, sources for Resolution were quoted as having up to £2bn of capital for such transactions, and were known to have been in discussion with HHG plc, Abbey National, and Britannic, all of which operate substantial closed life with-profits funds.

Resolution, led by Clive Cowdery and chaired by Sir Brian Williamson, is backed by institutional and private equity investors and insurers including FF&P Asset Management, Prudential, Royal London, Standard Life, Foreign & Colonial, Murray International, Nikko, OZ Investment, and Perry Capital.

‘Resolution Life Group is an innovative private sector response to an acknowledged failure of the market to deal with vast overcapacity in long-term savings. Its success will be determined by its ability to create a policyholder-friendly environment by matching the aspirations of closed life fund sellers and long-term investors’, according to a submission made by the group to the Treasury Select Committee investigation into restoring confidence in long-term savings.