Resolution Life, a global insurance group specializing in the acquisition and management of life insurance portfolios, has successfully raised $750 million through a Tier 2 listed debt issuance. This move significantly boosts the company’s financial position and sets the stage for continued global expansion. Investor demand was exceptionally strong, with the order book exceeding $3.25 billion—more than four times the offer size.
This capital raise follows the group’s recent acquisition by Nippon Life and positions the firm as a more agile and financially robust player in the international life and annuity consolidation market.
Resolution Life Issues 6.75% Tier 2 Notes Due 2035
The subordinated debt was issued by RLGH Finance Bermuda Ltd, a wholly owned subsidiary of the group, and comprises 6.75% Tier 2 notes maturing in 2035. The notes are unconditionally guaranteed by Resolution Life Group Holdings Ltd, strengthening investor confidence.
Designed to qualify as Tier 2 regulatory capital, the notes will help bolster the company’s solvency ratios. Moody’s and Fitch Ratings have assigned the notes ratings of Baa3 and BB+, respectively—reflecting intermediate investment-grade quality.
Additionally, Resolution Life has submitted an application to list the notes on the International Securities Market of the London Stock Exchange, increasing investor accessibility and market visibility.
Resolution Life Targets Growth with Proceeds from Offering
The $750 million in proceeds will support several key financial and operational objectives for the group, including:
Repayment of existing debt
Financing strategic acquisitions and reinsurance deals
Supporting corporate needs, such as working capital
Pursuing international growth opportunities
This latest issuance follows the group’s debut subordinated debt offering in 2024, affirming its status as a regular participant in global capital markets and reinforcing investor trust in the firm’s financial discipline.
Resolution Life CFO Highlights Market Confidence
Jonathan Moss, Chief Financial Officer at Resolution Life, expressed confidence in the firm’s financial trajectory and investor support:
“We are satisfied with another successful Tier 2 debt issue and appreciate the participation of more than 200 investors,” Moss stated. “The strong response reflects the depth of our business model and our capacity to capitalize on opportunities in the compelling global life and annuity consolidation market.”
Moss further emphasized that the group aims to remain an active issuer in international debt markets, viewing long-term capital planning as essential to maintaining financial agility and acquisition readiness.
Resolution Life Gains Momentum Following Nippon Life Acquisition
This debt issuance follows the acquisition of Resolution Life by Nippon Life, Japan’s largest privately owned life insurer. The partnership provides the group with additional institutional backing to pursue its consolidation strategy across Europe, North America, and Asia.
“With news of our takeover by Nippon Life, we are confident in our growth path and robust balance sheet and are well-placed to protect the financial futures of our policyholders,” said Moss.
Resolution Life Expands with Global Reinsurance Transactions
The capital raise is part of a broader strategic expansion by the group, which has recently executed several high-profile reinsurance transactions, including:
A $9.7 billion reinsurance agreement with Protective Life, the U.S. arm of Dai-ichi Life Holdings
A block reinsurance transaction in Japan with Anshin Life, deepening market penetration in Asia
A $1 billion block reinsurance deal in Hong Kong, reinforcing the company’s position in key Asian markets
These transactions reflect the group’s commitment to capital efficiency, geographic diversification, and portfolio growth.
Resolution Life’s Consolidation Model Proves Resilient
At the core of Resolution Life’s success is a business model based on consolidation and long-term value creation. By acquiring and managing closed blocks of life insurance policies, the company enables traditional insurers to offload legacy risk while ensuring policyholders receive long-term protection.
This strategy has allowed the group to grow rapidly through acquisitions and reinsurance deals, establishing itself as a leading consolidator in the global life insurance market.
Resolution Life Positioned for Long-Term Growth
Resolution Life’s latest debt issuance demonstrates strong market confidence and its own robust financial fundamentals. With proceeds strategically allocated to fuel expansion, reduce debt, and enhance liquidity, the company is well-prepared to scale further and deliver sustainable value to its stakeholders.
As it enters a new era under Nippon Life’s ownership, Resolution Life is positioned to remain a formidable player in the life and reinsurance sector, leveraging strategic partnerships, international capital, and a proven consolidation strategy to shape the future of the industry.
