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Resolution buys Swiss Life closed book for 205m

Closed fund administrator Resolution Life has bought the closed book of Swiss Life Group’s UK business for 205m.

Resolution Life says the 750,000 in-force policies, which are mainly nonprofit protection contracts such as term, life and disability insurance, have an imbedded value of 271m.

Swiss Life stopped writing new individual and group protection business in 2003 after exiting the UK in September 2002.

Resolution bought the closed book of Royal & Sun Alliance for 850m in September and now owns closed funds with an embedded value of 1.6bn across 2.25m policyholders. The firm manages 25bn in assets.

Resolution has also recruited former economic adviser to the Prime Minister Derek Scott as a non-executive director. Scott has been senior economist at both BZW and Shell. Additional board members are expected to be announced by Resolution in the new year.

Resolution, formed in spring this year, is backed by institutional investors, including pension funds, life insurance funds and investment groups. The firm’s biggest investors include Standard Life, Pru, Royal London and F&C.

Chief executive Clive Cowdery says: “We look forward to welcoming Swiss Life UK’s policyholders into Resolution, where we focus on active management of closed life funds.”

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