Resolution Life Group Holdings L.P. (“Resolution Life”) is delighted to announce the formation of its new Representative Office in Singapore, following recent approval by the Monetary Authority of Singapore.
The formation of the Representative Office is the first step in Resolution Life’s plan to establish itself in Asia, with ambitions to grow its portfolio by supporting the primary life insurance industry. Resolution Life offers solutions for life insurers. It allows them to reduce capital, cost, and time spent on legacy portfolios that are not core. This can be done via acquisitions or reinsurance.
The New Markets team establishing Resolution Life’s presence in Singapore includes Kirstin Rankin, Asia COO and Chief Representative, who relocated to Singapore from London where she was Group General Counsel and Yan Sun, who has joined as Head of Solutions for the region. Rushabh Ranavat is leading Resolution’s overall expansion into the region as Managing Director, Asia.
Following a successful second quarter of 2021, Resolution Life announced three transactions with Allianz Suisse Life Europe and Allianz Life North America. In early 2022, the company announced the acquisition of AIA’s A$8bn Australian Superannuation & Investments business.
Across the Group’s combined US and Australasian businesses and its Bermudan reinsurance base, Resolution Life currently manages c.US$90bn of assets, employs over 1,800 people and provides services to approximately 3m policyholders.
Resolution Life and the predecessor vehicles established by Sir Clive Cowdery in 2003 under the Resolution brand are pioneers in the consolidation of life insurer assets and have invested $17 billion equity across multiple transactions.
Sir Clive Cowdery (Resolution Founder and Executive Chair of Resolution Life), commented. “Resolution Life was launched to be a global solutions provider. As primary insurance companies adapt to changing regulatory regimes, accounting standards and low interest rates, we see an increasing need to support the Asian life industry. We see this as a core region for Resolution Life over the long term.”
Nardeep Sangha is the CEO of Resolution Life New Markets. “Our global experience, regional strategic relationships and aligned business model provide a strong foundation for our Asian business. We look forward to building on this foundation in a manner tailored to the region, through partnerships with insurers, regulators and policyholders.”