Resolution Re enters into third UK PRT reinsurance transaction

Resolution Re, the Bermudian reinsurance platform of global life insurance group, Resolution Life, has entered into a new UK Pension Risk Transfer (PRT) reinsurance deal with a leading UK-regulated insurer.

Resolution Life’s other two transactions were signed in 2023, and now the firm manages a cumulative total of over $3.5 billion of UK liabilities across its treaties.

Under the terms of the agreement, Resolution Life will reinsure liabilities covering both pensions in payment and deferred pensions, along with longevity and associated asset risks.

Recently, the firm signed with Nippon Life and Blackstone as part of the $3 billion equity capital raise, completed an inaugural $500 million Tier 2 listed debt issuance, and acquired Suncorp’s New Zealand life insurance company, Asteron Life.

Karl Chappell, a Managing Director of Resolution Life, said: “With another successful transaction in the UK, Resolution Life continues to demonstrate its ability to manage life and annuity portfolios, while supporting insurers in meeting their long-term commitments to policyholders.

“Resolution Life is pleased to be leveraging its global experience and expert capabilities to provide support to the UK insurance market.”

Resolution Life was advised on the transaction by the London offices of Eversheds Sutherland (International) LLP and Hymans Robertson LLP.

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