Resolution Life Builds Singapore Presence to Serve Asian Life Insurers – businesswire.com
SINGAPORE–(BUSINESS WIRE)–Resolution Life Group Holdings L.P. (“Resolution Life”) is delighted to announce the formation of its new Representative Office in Singapore, following recent approval by the Monetary Authority of Singapore.
The formation of the Representative Office is the first step in Resolution Life’s plan to establish itself in Asia, with ambitions to grow its portfolio by supporting the primary life insurance industry. Resolution Life provides solutions to life insurers, allowing them to free up the capital, cost and time devoted to legacy, non-core portfolios, via both acquisitions and reinsurance.
The New Markets team establishing Resolution Life’s presence in Singapore include Kirstin Rankin, Asia COO and Chief Representative, who relocated to Singapore from London where she was Group General Counsel and Yan Sun, who has joined as Head of Solutions for the region. Rushabh Ranavat is leading Resolution’s overall expansion into the region as Managing Director, Asia.
The announcement of the Representative Office follows a successful second half of 2021 in which Resolution Life announced three transactions, with Allianz Suisse Life in Europe, and Allianz Life and Lincoln Financial Group in North America. In early 2022, the company announced the acquisition of AIA’s A$8bn Australian Superannuation & Investments business.
Across the Group’s combined US and Australasian businesses and its Bermudan reinsurance base, Resolution Life currently manages c.US$90bn of assets, employs over 1,800 people and provides services to approximately 3m policyholders.
Resolution Life and prior vehicles founded by Sir Clive Cowdery under the Resolution brand have pioneered the consolidation of life insurance assets since 2003 and have deployed $17 billion of equity across multiple transactions.
Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life, commented:
“Resolution Life was launched to be a global solutions provider. We see a growing need to support the life industry in mature Asian markets as primary insurers adapt to how to serve their policyholders best under new regulatory regimes, new accounting standards, and continuing low interest rates. We see this as a core region for Resolution Life over the long term.”
Nardeep Sangha, CEO of Resolution Life New Markets, commented:
“Our global experience, regional strategic relationships and aligned business model provide a strong foundation for our Asian business. We look forward to building on this foundation in a manner tailored to the region, through partnerships with insurers, regulators and policyholders.”
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ENDS
Notes to Editors:
About Resolution Life
Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003 to date, Resolution has deployed c.US$17bn of equity in the acquisition, reinsurance, consolidation and management of life insurance companies. Together, these companies have served the needs of c.13m policyholders while managing over US$365bn of assets. Resolution Life today has operations in Bermuda, the U.K., the U.S., Australia, New Zealand and Singapore, all focused on assisting the restructuring of the primary life insurance industry globally. Resolution Life provides a safe and reliable partner for insurers as they restructure by:
Focusing on existing customers, rather than prioritising expansion by new sales
Delivering policyholder benefits in a secure, well capitalised environment
Returning capital over time to our institutional investors in the form of a steady dividend yield
