 | |
| Company type | Public |
|---|---|
| Industry | Insurance, Pensions, Life Assurance, Asset Management |
| Founded | 2005 |
| Headquarters | London, UK |
Key people | Clive Cowdrey, Chairman Mike Biggs, CEO |
| Revenue | £5,152.2 million (2006) |
| £482.3 million (2006) | |
| £531.3 million (2006) | |
Number of employees | 1,545 (2005) |
| Website | www.resolutionplc.com |
Resolution plc is a UK insurance company headquartered in the City of London. It was formed in September 2005 from the merger of Resolution Life Group Limited and Britannic Group plc. As of 2006 it has over £60 billion of funds under management. In September 2006 it was promoted to the FTSE 100 Index, which is comprised of the hundred largest companies on the London Stock Exchange by market capitalisation.
The Resolution Life group was formed in 2004 to provide a vehicle for life funds that have been closed to new business, but have liabilites extending many years into the future, nicknamed zombie funds.[1] The first purchase was the life insurance business of Royal & SunAlliance, followed by the purchase of Swiss Life's UK business.
In 2005 Resolution Life merged with the FTSE company Britannic Group, who had closed to new business in 2003. The merged company made a long-term agreement with the outsourcing company UISL to provide administration for Resolution's policies.[citation needed]
In 2006 the merged group bought the life business of Abbey National, a transaction of £3.6 billion that brought entry into the FTSE 100.[2]
History
editResolution Life Group
editBritannic Group
editControversy
editOn March 28, 2007, Private Eye reported that the main beneficiaries of this practice are the managers; Cowdrey has made himself £100 million while increasing charges and predicting lower returns for policyholders. High exit charges trap policyholders in funds which do not appear to be run for their benefit. Labour MP Paul Flynn is demanding an investigation by the financial regulator.[citation needed]
Resolution in the News
editOn May 30, 2007, Resolution announced a strategic partnership with Capita which will result in the transfer of approximately two thousand staff in Customer Services and IT and a phased outsourcing of back-office customer services to India.[3]
On July 25th 2007, Resolution agreed a merger with Friends Provident to create a new entity, Friends Financial, with a market cap of ~ £8.6Bn
Previous Brands
editSwiss Life (UK)
Phoenix Assurance Ltd
Bradford Insurance Company Ltd
Royal & Sun Alliance Linked Insurances Ltd
Alba Life Ltd, previously:[4]
- Britannia Life
- FS Assurance
- Crusader Insurance
- Life Association of Scotland
- Foreman and Staff Mutual Benefit Society
Brittanic Asset Management (previously Brittania Asset Management, now Resolution Asset Management)
Britannic Assurance Plc
Britannic Retirement Solutions Ltd
Britannic Unit Linked Assurance Ltd
Century Group Plc
Century Life Plc
Phoenix Life & Pensions Ltd
Allianz Cornhill (life operations)[2]
References
editExternal links
edit
