Resolution last month issued the largest Tier 1 deal ever from a UK insurance company, highly impressive for a debut name, but it is the distinctive nature of Resolution’s business model that sets it apart from other insurance capital transactions.
JPMorgan and Lehman Brothers structured the deal and jointly acted as bookrunners alongside RBS. “The £500 million proceeds will be used to refinance loans taken on for the Royal Sun Alliance Life and Swiss Life UK acquisitions made by Resolution Life Group last year,” says Tom Keatinge, head of insurance DCM at JPMorgan.
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