Global life insurance group, Resolution Life has announced 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 the company’s plan to establish itself in Asia, with ambitions to grow its portfolio by supporting the primary life insurance industry.
Resolution Life provides solutions to life insurers, allowing them to free up the capital, cost and time devoted to legacy, non-core portfolios, via both acquisitions and reinsurance.
The New Markets team establishing Resolution Life’s presence in Singapore includes, Asia Chief Operating Officer and Chief Representative, Kirstin Rankin, 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 also leading Resolution’s overall expansion into the region as Managing Director, Asia.
CEO of Resolution Life New Markets, Nardeep Sangha commented: “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.”
The announcement of the Representative Office follows a very successful second half of 2021 in which Resolution Life announced three transactions, with Allianz Suisse Life in Europe, and Allianz Life and Lincoln Financial Group in North America.
In addition, earlier this year the company announced the acquisition of AIA’s A$8bn Australian Superannuation & Investments business.
Across the group’s combined US and Australian businesses, and its Bermudan reinsurance base, Resolution Life currently manages c.US$90bn of assets, and employs over 1,800 people, as well as providing services to approximately three million policyholders.
Resolution Life and prior vehicles founded by Sir Clive Cowdery under the Resolution brand have pioneered the consolidation of life insurance assets since 2003, and have deployed $17 billion of equity across multiple transactions.
Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life, said: “Resolution Life was launched to be a global solutions provider. We see a growing need to support the life industry in mature Asian markets as primary insurers adapt to how to serve their policyholders best under new regulatory regimes, new accounting standards, and continuing low interest rates. We see this as a core region for Resolution Life over the long term.”