{{short description|UK insurance company}} {{about|the former company acquired by Pearl Group in 2008|the investment firm active until 2015|Resolution Limited}} {{Use dmy dates|date=April 2022}} {{Infobox company | name = Resolution | logo = Resolution plc.jpg | fate = Acquired by Pearl Group | founded = 2004 | defunct = May 2008 | hq_location = London, England, UK | key_people = Clive Cowdery, Chairman <br /> Andy Briggs, CEO | industry = Insurance, Pensions, Life Assurance | products = | revenue = £5,152.2 million (2006) | operating_income = £482.3 million (2006) | net_income = £531.3 million (2006) | assets = | num_employees = 40 (2009) | subsidiaries = | footnotes = }}
'''Resolution plc''' was a UK insurance company headquartered in the City of London. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but was acquired by the Pearl Group in May 2008.
==History==
===Early history=== The Resolution Life group was formed in 2004 to provide a vehicle for life funds that have been closed to new business, but have liabilities extending many years into the future.<ref>{{cite news|url=https://www.insurancetimes.co.uk/randsa-sells-uk-life-operations/1336916.article|title=R&SA sells UK life operations|date=30 July 2004|newspaper=Insurance Times|access-date=7 July 2025}}</ref>
The first purchase was the life insurance business of Royal & SunAlliance, followed by the purchase of Swiss Life's UK business.<ref>{{cite news|url=https://www.bloomberg.com/apps/news?pid=10000102&sid=aEnw5Siva76E&refer=uk|title=Swiss Life to Sell U.K. Unit for 205 Million Pounds|last=Goellner|first=Philipp|date=9 December 2004|work=Bloomberg|access-date=1 March 2009}}</ref>
In September 2005, Resolution Life secured a listing on the London Stock Exchange by merging with Britannic Group.<ref>{{cite news|url=https://www.professionaladviser.com/news/1341984/britannic-resolution-life-complete-merger|title=Britannic and Resolution Life complete merger|newspaper=Professional Adviser|date=6 September 2005|access-date=7 July 2025}}</ref>
In 2006, the merged group bought the life business of Abbey National, a transaction of £3.6 billion that brought entry into the FTSE 100.<ref name= "history">[http://www.resolutionplc.com/aboutus_ourhistory.shtml Company history]</ref>
On 30 May 2007 Resolution announced a strategic partnership with Capita which will result in the transfer of approximately two thousand staff in Customer Services and IT and phased outsourcing of back-office customer services to India.<ref>[http://www.resolutionplc.com/pdfs/media_PressRelease_300507.pdf Capita strategic partnership announcement]</ref>
===Takeover by Pearl Group=== On 25 July 2007 Resolution agreed a merger with Friends Provident to create a new entity, ''Friends Financial'', with a market cap of circa £8.6Bn, however by September 2007 it was announced that Hugh Osmond's Pearl Group, a critic of the proposed merger with Friends Provident, had undergone talks with Swiss Re about a potential deal to take over Resolution,<ref>{{cite news | first = Tim | last = Barwell | author2=Thompson, Sarah | title = Northern Rock, Lloyds, Resolution: U.K., Irish Stock Preview | url = https://www.bloomberg.com/apps/news?pid=20601102&refer=uk&sid=ai4_pxFThOOc | publisher = Bloomberg L.P. | location = New York City, United States | date = 2007-09-17 | accessdate = 2008-04-29 }}</ref> but talks broke down. On 10 October 2007, Pearl made a formal offer of 660 pence per share, worth approximately £4.5 billion, in conjunction with the Royal London Mutual Insurance Society.<ref>{{cite news | first = Shelley | last = Smith | title = BP, Carpetright, New Star, Resolution: U.K. Equity Preview | url = https://www.bloomberg.com/apps/news?pid=20601102&sid=aAnbHdGGN4SQ&refer=uk | publisher = Bloomberg L.P. | location = New York City, United States | date = 2007-10-10 | accessdate = 2008-04-29 }}</ref> Standard Life and Swiss Re also entered the bidding for Resolution, and for a brief period on 26 October 2007 their cash and shares bid, worth £4.9 billion was recommended by the board, which called off any deal with Friends Provident.<ref>{{cite news | first = Sarah | last = Jones | author2=Thompson, Sarah | title = U.K. Stocks Gain for Second Day, Paced by Rio Tinto, BHP, Shell | url = https://www.bloomberg.com/apps/news?pid=20601102&sid=a5dm4PzgH.7k | publisher = Bloomberg L.P. | location = New York City, United States | date = 2007-10-26 | accessdate = 2008-04-29 }}</ref> Within a short space of time, Pearl came back with an all-cash offer of 720 pence per share. In addition, Hugh Osmond, chief executive of Pearl, now controlled a stake of 24.1% of Resolution's ordinary shares, which would have effectively blocked any planned merger from Standard Life as it would have required 75% approval from shareholders. In mid-November 2007, Standard Life pulled out of the merger and the offer from Pearl was recommended by the board to shareholders.<ref>{{cite news | first = Antoinette | last = Odoi | title = Resolution board says yes to £5bn Pearl bid | url = https://www.theguardian.com/business/2007/nov/17/standardlife.resolution?gusrc=rss&feed=news | work = The Guardian | location = London, England | date = 2007-11-17 | accessdate = 2008-04-29 }}</ref>
At the extraordinary general meeting, held on 8 January 2008, the shareholders overwhelmingly agreed to the merger.<ref>{{cite news | title = Resolution PLC - Result of EGM | url = https://www.reuters.com/article/pressRelease/idUS144148+09-Jan-2008+RNS20080109 | archive-url = https://archive.today/20130201111932/http://www.reuters.com/article/pressRelease/idUS144148+09-Jan-2008+RNS20080109 | url-status = dead | archive-date = 2013-02-01 | publisher = Thomson Reuters | location = New York, United States | date = 2008-01-08 | accessdate = 2008-04-29 }}</ref> Having been approved by the Financial Services Authority in mid-April 2008, the acquisition was completed on 1 May 2008.<ref>{{cite news |url=https://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL1765358220080417 |title=UK approves Pearl takeover of Resolution |work=Reuters |date=17 April 2008 |accessdate=2008-04-28 | first=Clara | last=Ferreira-Marques}}</ref> The ''Scottish Provident'' and ''Scottish Provident International'' brands and various in-force blocks of policies were taken over by the Royal London Group, with the rest going to Pearl. At this time, Pearl agreed to allow Clive Cowdery to use the Resolution brand.<ref>{{cite news|url=https://www.professionaladviser.com/news/1345076/royal-london-completes-resolution-protection-takeovers|title=Royal London completes Resolution protection takeovers|date=4 August 2008|publisher=Professional Adviser|access-date=7 July 2025}}</ref>
===Relaunch as an investment vehicle=== {{main|Resolution Limited}}
Resolution was relaunched by Clive Cowdery as an investment acquisition vehicle in December 2008. Resolution Life Group Holdings Ltd, which is registered in Bermuda, is the holding company for several global insurance brands, including AMP Life.<ref>{{cite web|date=2007-11-16|title=Recommended Acquisition of Resolution plc|url=http://www.resolutionplc.com/pdfs/investor_RecommendedAcquisitionofResolution%20plc.pdf|url-status=dead|archiveurl=https://web.archive.org/web/20071130133708/http://www.resolutionplc.com/pdfs/investor_RecommendedAcquisitionofResolution%20plc.pdf|archivedate=2007-11-30|accessdate=2008-04-29|publisher=Resolution plc|pages=44|quote=Since Pearl intends to apply the Pearl brand to the Pearl Assets, Pearl and Clive Cowdery have entered into an agreement which provides... for the transfer from Pearl to Clive Cowdery of the right to the Resolution name}}</ref><ref>{{Cite news|last=Gottfried|first=Miriam|date=2019-05-08|title=For Blackstone, Insurance Is Next Big Push on Route to $1 Trillion Asset Goal|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/for-blackstone-insurance-is-next-big-push-on-route-to-1-trillion-asset-goal-11557312738|access-date=2021-01-03|issn=0099-9660}}</ref> In 2019, investors in the holding company included JPMorgan Chase, KKR, Nippon Life Insurance Company, Temasek Holdings and a Middle Eastern sovereign wealth fund.<ref>{{Cite web|date=2019-11-20|title=Resolution Life completes latest capital raise, taking commitments to $3bn+ - Reinsurance News|url=https://www.reinsurancene.ws/resolution-life-completes-latest-capital-raise-taking-commitments-to-3bn/|access-date=2021-01-03|website=ReinsuranceNe.ws|language=en}}</ref>
The group resumed talks with Friends Provident in July 2009 but was rejected twice,<ref>{{cite news |url=https://news.bbc.co.uk/1/hi/business/8160169.stm |title=Friends rejects Resolution again |work=BBC News |date=20 July 2009 |access-date=2008-04-28}}</ref> though Friends Provident eventually agreed to a takeover in August 2009.<ref>{{cite news |url=https://news.bbc.co.uk/2/hi/business/8194573.stm |title=Friends backs Resolution takeover |work=BBC News |date=11 August 2009}}</ref>
==Operations== Brands owned by the group included: * Swiss Life (UK) * Phoenix Assurance * Bradford Insurance Company * Royal & Sun Alliance Linked Insurances * Alba Life, previously:<ref>[http://www.resolutionplc.com/aboutus_albalifelimited.shtml Alba Life history]</ref> ** Britannia Life ** FS Assurance ** Crusader Insurance ** Life Association of Scotland ** Foreman and Staff Mutual Benefit Society * Britannic Asset Management (previously Britannia Asset Management, now Resolution Asset Management) * Britannic Assurance * Britannic Retirement Solutions * Britannic Unit Linked Assurance * Century Group * Century Life * Phoenix Life & Pensions * Allianz Cornhill (life operations)<ref name="history"/> * AMP Life<ref>{{cite web| url = https://www.amp.co.nz/amp/media-centre/2020/FAQ-regarding-the-proposed-sale-of-AMP-Life| url-status = dead| archive-url = https://web.archive.org/web/20200926092628/https://www.amp.co.nz/amp/media-centre/2020/FAQ-regarding-the-proposed-sale-of-AMP-Life| archive-date = 2020-09-26| title = Frequently asked questions regarding the proposed sale of AMP Life {{!}} AMP}}</ref>
==References== {{reflist}}
{{Authority control}}
Category:Phoenix Group Category:Financial services companies established in 2004 Category:Insurance companies of the United Kingdom Category:Companies formerly listed on the London Stock Exchange Category:Financial services companies based in the City of London Category:Financial services companies disestablished in 2008