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.”
