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Leading the charge
01 June 2005
In the space of a year, Resolution Life has established itself as the largest specialist buyer of closed UK life books. Clive Cowdery, the company's chief executive, tells Michael Loney what attracts him to the life
run-off market.
Read more:
[Resolution Life]
[Clive Cowdery]
[run-off]
[closed funds]
[Britannic]
[hhg]
[buyer]
Clive Cowdery has had a busy year. In July 2004, his company Resolution Life announced its arrival as a specialist buyer of closed UK life funds with the purchase of Royal & SunAlliance Life for £850m ($1.6bn). It followed this up by buying Swiss Life UK for £205m in December.
Resolution Life claims these two deals – which mean the company owns closed funds with an embedded value of £1.6bn and manages more than £25bn of assets – make it the biggest specialist buyer of closed UK life funds.
Where Resolution Life has led, others have followed. After the Royal & SunAlliance (RSA) deal, a market for closed life books quickly flourished. Life Company Investor Group, Britannic and Chesnara have completed deals, and others are keen to snap up run-off books. Swiss Re had also previously bought two closed UK life books.
Cowdery has not been resting on...
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