Nippon Life announced Wednesday its agreement to acquire the remaining 77% stake in Bermuda-based Resolution Life Group Holdings Ltd., valuing the holding group at $10.6 billion. This $8.2 billion deal will consolidate ownership of the global insurance group under the Japanese life insurer.

Already holding a 23% stake, Nippon Life will buy out the diverse group of approximately 60 investors, which includes sovereign funds and asset managers. The acquisition will make Resolution Life a fully owned subsidiary of Nippon Life, expanding the insurer’s global footprint.

Resolution Life’s operations across the U.S., the U.K., Bermuda, and Singapore will transition under Nippon Life’s management upon deal completion. The group’s Australasian business will merge with Nippon Life’s Australian arm, MLC, to form a new primary life insurer, Acenda. Despite the ownership change, Resolution Life will continue to be led by its founder, British businessman Clive Cowdery.

Nippon Life’s president, Hiroshi Shimizu, highlighted the strategic importance of the acquisition, stating, “This deal and the formation of Acenda reflect our dedication to collaborating with outstanding teams to deliver innovative solutions.”

First investing in Resolution Life in 2019, Nippon Life became its largest stakeholder, a move aligned with its goal to broaden international operations and diversify product offerings. Resolution Life, known for managing global insurance brands like AMP Life, will continue its relationship with Blackstone, which will oversee certain asset investments post-acquisition.

The transaction, expected to finalize by June 2025, is pending regulatory approvals, though no specifics about the approving authorities were disclosed.

Nippon Life’s legal advisors on the deal include Nishimura & Asahi, Mayer Brown LLP, Ashurst LLP, DLA Piper, ASW Law Ltd., and Bell Gully. Resolution Life is being advised by Debevoise & Plimpton LLP, Herbert Smith Freehills LLP, and Kirkland & Ellis LLP.

Financial guidance is being provided to Nippon Life by J.P. Morgan Securities PLC and Mitsubishi UFJ Morgan Stanley Securities Co. Ltd., while Goldman Sachs & Co. LLC represents Resolution Life.

This acquisition marks a significant expansion of Nippon Life’s global insurance reach and reinforces its position in the international market.