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AMP Life acquirer raises $3 billion in capital

AMP-Life/Resolution-Life/amp/insurance/acquisition/life-insurance/capital-raising/reinsurance/

19 November 2019
| By Mike |
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The company which is acquiring the life insurance business of AMP Limited, Resolution Life, has undertaken a US$3 billion capital raising.

The company announced it had completed its capital raise and secured commitments for over US$3 billion which it said would be deployed in line with the company’s mission as “a long-term manager of legacy life insurance portfolios globally; either through acquisition of companies or reinsurance”.

It said that since formation in 2018, Resolution Life had completed a US$5.7 billion ($8.37 billion) reinsurance transaction with Symetra Life Insurance and agreed the acquisition of AMP Life in Australia.

The Resolution Life announcement noted that the AMP Life transaction was valued at $3 billion and that AMP limited would receive $2.5 billion in cash and a 20% stake in Resolution Life Australia.

It said it expected the AMP Life transaction to close in the first half of next year.

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