RLGH Finance Bermuda
6 March
2025
Resolution Life Announces $9.7 billion
Strategic Reinsurance Agreement with Protective Life
· $9.7 billion
reinsurance transaction
· Comprised of
structured settlement and secondary guarantee universal life
business
· Demonstrates
Resolution Life's prudent risk management, substantial capital
strength and proven execution capabilities in the US life and
annuity market
HAMILTON,
BERMUDA - Resolution Life, a global life
insurance group focusing on reinsurance and the acquisition and
ongoing management of portfolios of life insurance policies, is
pleased to announce the signing of a reinsurance transaction with
Protective Life Corporation's ("Protective") insurance
subsidiaries. Protective is a U.S. subsidiary of Tokyo-based
Dai-ichi Life Holdings, Inc.
The transaction scope includes blocks of
in-force structured settlement annuities and secondary guarantee
universal life business. Under the agreement, Protective will cede
$9.7 billion in reserves and retain administration of the
policies.
The transaction will extend Resolution Life's
position as a leading global manager of in-force life insurance to
c.$100 billion of general account life and annuity reserves and
over four million policies in-force.
This comes on the back of strong momentum for
Resolution Life with the recent announcement of the acquisition of
Resolution Life by Nippon Life to assist in Resolution Life's next
phase of growth.
Warren
Balakrishnan, CEO, US said,
"This
strategic transaction with Protective showcases our ability to
manage complex life and annuity products at scale. Our substantial
capital strength and proven execution record provide a strong,
long-term partner for Protective Life and its policyholders. This
transaction is a great example of our reinsurance offering to the
US life and annuity market."
Moses Ojeisekhoba, President of Resolution Life
said,
"This is an
exciting time for Resolution Life. With this transaction
we continue to support the primary life insurance industry by
providing long term capital for growth so they can respond to the
changing needs of policyholders. With the recent announcement of
Nippon Life's acquisition of Resolution Life, we will continue
to accelerate
our growth in the highly active, multi-trillion-dollar global life
and annuity consolidation sector."
Rich Bielen, President and CEO of Protective
said,
"At Protective, we are thrilled to announce
this strategic reinsurance agreement with Resolution Life. This
transaction represents an important milestone, allowing us to
generate capital that can be invested for continued
growth. We remain committed to growing life insurance
sales through our valued distribution partners and look forward to
continuing to provide exceptional service to our customers. We are
excited about the opportunities it brings for Protective, our
customers and our partners."
JP Morgan acted as financial advisor and
Debevoise & Plimpton LLP served as legal counsel to Resolution
Life. Wells Fargo served as financial advisor and Willkie Farr
& Gallagher LLP served as legal counsel to
Protective.
ENDS
Notes to
Editors:
About Resolution Life
Resolution Life is a global life insurance
group focusing on reinsurance and the acquisition and management of
portfolios of life insurance policies. Since 2003 to
date, prior Resolution entities together with Resolution Life have
deployed approximately $19 billion of equity in the acquisition,
reinsurance, consolidation and management of life insurance
companies. Together, these companies have served the needs of over
13 million policyholders while managing approximately $390 billion
of assets. Resolution Life today has operations in
Bermuda, the U.K., the U.S., Australia, New Zealand and Singapore
assisting the restructuring of the primary life insurance industry
globally. Resolution Life provides a safe and reliable partner for
insurers by:
· Primarily focusing on existing customers, with selective new
business growth in strategic markets
· Delivering policyholder benefits in a secure, well capitalised
environment
· Returning capital to our institutional investors in the form
of a steady dividend yield
www.resolutionlife.com
About
Protective
Protective has helped people achieve protection and
security in their lives for 118 years. Through its subsidiaries,
Protective offers life insurance, annuity, asset protection and
employee benefits solutions and is helping nearly 17 million people
protect what matters most. Protective's approximately 3,800
employees put people first and deliver on the company's promises to
customers, partners, colleagues and communities - because we're all
protectors. With a long-term focus, financial stability and
commitment to doing the right thing, Protective Life Corporation, a
subsidiary of Dai-ichi Life Holdings, Inc., has $125 billion in
assets, as of Dec. 31, 2024. Protective is headquartered in
Birmingham, Alabama, and is supported by a robust virtual workforce
and core sites in the greater Cincinnati area and St. Louis. For
more information about Protective, visit www.protective.com.
Media
Enquiries:
Resolution Life
Temple Bar Advisory
Alex Child-Villiers / Sam
Livingstone / Alistair de Kare-Silver / Juliette Packard
+44 (0)20 7183 1190 /
resolution@templebaradvisory.com
Protective
+1 205 268 7879
media@protective.com