Private equity group Blackstone will remain as investment manager for some of the group’s assets
Japan’s Nippon Life has agreed to buy Resolution Life, the UK insurance group founded by entrepreneur Sir Clive Cowdery, in a deal that values the business at $10.6bn. It is the biggest overseas takeover by a Japanese insurer and signals an ongoing need by the country’s financial institutions to grow beyond their domestic market. Bermuda-based Resolution Life, established by Cowdery in 2003, specialises in buying up books of life insurance business from other insurers.
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.
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