Resolution Re is our global reinsurance operation, based in Bermuda.
We reinsure the financial and insurance responsibilities related to existing portfolios of policies sold by established life insurers in other parts of the world, primarily the US, Europe and Asia. This means we invest the assets that come with the portfolio, and make pay outs when there is a claim or a policy that matures. The policyholder administration remains with the insurance company that originally sold the policy.
After our fast growth in 2021, this was a year where our talented people focused on putting into place the key
pillars of our enlarged business. One of our main priorities was to significantly expand our team, which we achieved by accelerating our hiring and onboarding programme to increase our headcount from 12 to 28 people. We now have a diverse, motivated group of employees that will form the core of Resolution Re for the years to come.
Another priority area was employing technology and innovative data management to drive efficiencies across our internal reinsurance ecosystem, from process automation to calculations and reporting. Investment accounting and asset management reporting in particular saw tangible benefits from the automation of data, including time savings. As an example, by bringing actuarial modelling in-house, we expect to save $500,000 a year in consultancy fees. This focus on ‘building for tomorrow’ means we are now in a position where we can grow the business without significant cost increases.