Resolution Life, a global life insurance group, has partnered with asset manager Blackstone to bolster their life insurance and annuity offering.
Resolution Life focuses on the acquisition and management of portfolios of lie insurance policies.
Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in and the communities in which it works.
Resolution Life said this partnership solidifies its position as a leader in the multi-trillion-dollar global life and annuity consolidation market by combining its global liability management platforms and Blackstone’s insurance asset management capabilities.
Resolution Life and Blackstone plan to raise $3bn of new equity capital commitments, including a $500m strategic investment from Blackstone. This would bring the company’s overall equity capital base to more than $8bn.
The $3bn in capital would be raised through a newly established perpetual capital vehicle with Blackstone serving as the General Partner and the majority of Resolution Life’s existing investors expected to roll their investments into this vehicle.
Resolution Life said Blackstone will become its investment manager for certain key areas, including directly originated assets across the private credit, real estate and asset-based-finance markets.
The company believes the addition of investment and direct origination capabilities from Blackstone will serve as a new competitive advantage for Resolution Life and enhance its ability to serve direct insurance partners in the marketplace.
Clive Cowdery, founder and executive chairman of resolution life group, said, “This partnership accelerates Resolution Life’s growth through access to Blackstone’s capital and investment capabilities. It is a continuation of Resolution’s 20-year mission to be the partner of choice for the life insurance industry and a custodian for its in-force policyholders globally.”
Earlier this year, Hub International Limited (HUB), a global insurance brokerage and financial services firm, partnered with technology company Ethos for life insurance coverage.
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