POSTED 01 August 2023
New York – Resolution Life US Holdings Inc. (“Resolution Life”), a subsidiary of Resolution Life Group Holdings Limited, a global manager of in-force life insurance businesses is pleased to announce the completion of the transaction with Farmers Group, Inc.’s life insurance subsidiary, Farmers New World Life Insurance Company (“FNWL”).
Under the agreement:
- FNWL ceded its in-force individual life insurance business to Resolution Life’s insurance subsidiary, Security Life of Denver Insurance Company (“SLD”)
- Resolution Life began administering the reinsured policies, with certain operations supporting administration moving to Resolution Life on August 1
- SLD entered into a flow reinsurance treaty, covering the current range of individual life products for a pre-defined period
- Resolution Life has partnered with Swiss Re to retrocede all of the reinsured term life insurance liabilities
The transaction extends Resolution Life’s position as a leading global manager of in-force life insurance businesses, with over four million policies in-force, supported by our operational and digital administrative capabilities that enable better customer experiences.
We are delighted to welcome our new colleagues and look forward to extending the benefits of our technology, digital and AI investments to enhance their employee experience as well as the customer experience for FNWL policyholders.Conor Murphy CEO Resolution Life US