Acquisition would be largest-ever overseas agreement by Japanese insurer
Nippon Life is in talks to buy global life insurance rival Resolution Life for about $8.2bn in the largest-ever overseas deal by a Japanese insurer, according to people close to the company. The planned all-cash acquisition of the Bermuda-based closed book consolidator, first reported by Nikkei, is an attempt by the Japanese insurer to diversify beyond its domestic market where growth is expected to fade because of a shrinking and ageing population.
Resolution Life, founded in 2003 by British entrepreneur Sir Clive Cowdery, has over the past two decades deployed about $18bn into the global life insurance sector through mergers, acquisitions and consolidation activity. It has operations in Bermuda, the UK, the US, Australia, New Zealand and Singapore and manages around $385bn of assets.
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