Japan’s Nippon Life Insurance is investing another US$230 million in Bermuda-based reinsurer Resolution Life Group Holdings, which is targeting $1.6 billion from institutional investors in a new round of fundraising.
The Japanese insurer invested an initial $157 million in Resolution Life in its earlier fundraising round in 2019, when the target was over $3 billion. The new target would raise the total raised since the company’s inception in 2018 to around $5 billion.
“As a social mission of a life insurer, Nippon Life is exerting efforts to boost profitability in attempts to fulfil its obligations in delivering coverage to customers as well as offering a sense of security,” the company says in a statement on May 15. “This investment is part of such efforts in addition to enhancing Nippon Life Group’s businesses by learning from and leveraging Resolution Life’s capabilities and knowledge.”
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