Resolution Life Group has set up its new representative office in Singapore, following recent approval by the Monetary Authority of Singapore.
Through the formation of the representative office, the London-based group plans to establish itself in Asia, with ambitions to grow its portfolio by supporting the primary life insurance industry, allowing life insurers to free up their capital, cost and time devoted to legacy, non-core portfolios, via both acquisitions and reinsurance.
The office in Singapore will be headed by Rushabh Ranavat, Managing Director, Asia. He is joined by Kirstin Rankin, Asia COO and Chief Representative, who relocated to Singapore from London where she was Group General Counsel, and Yan Sun, who has joined as Head of Solutions for the region.
“Resolution Life was launched to be a global solutions provider. We see a growing need to support the life industry in mature Asian markets as primary insurers adapt to how to serve their policyholders best under new regulatory regimes, new accounting standards, and continuing low interest rates. We see this as a core region for Resolution Life over the long term, said Founder And Executive Chairman Sir Clive Cowdery.
Nardeep Sangha, CEO of Resolution Life New Markets, added, “Our global experience, regional strategic relationships and aligned business model provide a strong foundation for our Asian business. We look forward to building on this foundation in a manner tailored to the region, through partnerships with insurers, regulators and policyholders.”
The formation of the representative office comes after the group’s acquisition of AIA’s A$8bn Australian superannuation & investments business in early 2022, as well as a series of successful transactions with Europe’s Allianz Suisse Life and North America’s Allianz Life and Lincoln Financial Group in the second half of 2021.