Resolution Life and Blackstone have closed their equity capital raise at $3bn with all regulatory approvals received. This strategic partnership helps solidify Resolution Life’s position as a leader in the multi-trillion-dollar global life and annuity consolidation market by combining Resolution Life’s global liability management platforms and Blackstone’s insurance asset management capabilities.
Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003 to date, prior Resolution entities together with Resolution Life have deployed c.US$18 billion of equity in the acquisition, reinsurance, consolidation and management of life insurance companies.
Blackstone is the world’s largest alternative asset manager. With $1 trillion in assets under management, their portfolio includes investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.
The enhanced capital base will rapidly bolster growth in a competitive acquisition market. Resolution Life remains Group regulated by the Bermuda Monetary Authority with a strong group capital position, high solvency ratios and investment grade ratings. Blackstone will serve as the General Partner for all new investors, as well as existing Resolution Life investors who rolled their commitments.
Appleby advised on all Bermuda regulatory aspects, including corporate structure, capital raising, reviewing and updating transactional and service agreements, preparing, submitting and all regulatory filings and the subsequent negotiations with the Bermuda Monetary Authority.
Bermuda Managing Partner Brad Adderley led the transaction with support from Partners Alan Bossin, Gary Harris and John Wasty; Counsels Josephine Noddings and Lalita Vaswani; Associate Kinika Armstrong; and Paralegal Remond Bonne Smith.
