Resolution Life

exited

Insurance / Reinsurance — Blackstone / Nippon Life (acquirer)

Deal Terms

Entry Year2018

Entry EV$10.6B

Entry Multiple6x

Leverage3x

Debt Amount$3.2B

Outcome

Exit Year2025

Risk Metrics

LTV (est.)30%

Debt / EV0.30x

Notes

Clive Cowdery's insurance consolidator. Blackstone strategic partnership with $3B equity raise. $75B+ AUM managing closed blocks of life insurance globally. Nippon Life acquired 100% for $10.6B (completed 2025). $20B+ equity deployed over 20 years in insurance consolidation. Blackstone managed the investment portfolio — PE's favorite trick with insurance float.

Sponsor

Blackstone$1270B AUM