Resolution Life Group Holdings LP said Monday that it has closed on the acquisition of a large block of individual life insurance and annuity business from Voya Financial Inc.
The deal also includes individual annuities, according to Voya.
The companies announced the deal in December. They originally had hoped to close on the deal by Sept. 30, 2020.
Resolution Life is a life insurer based in Hamilton, Bermuda, that was founded in 2003.
It specializes in buying and managing blocks of in-force life insurance policies and annuity contracts. It says it has invested about $16 billion in buying about 30 life insurers. It administers 12.6 million policies and contracts and $354 billion in assets.
Voya is a New York-based company that was once an arm of ING Groep N.V., a large Dutch financial services companies. In 1977, Voya acquired Security Life of Denver, and ReliaStar and Aetna Financial Services in 2000. It now has $657 billion in assets under management.
The blocks of business that Resolution Life acquired from Voya include “substantially all” of Voya’s in-force individual life business, including blocks of business written by Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and other affiliates, and the reinsurance of Voya’s remaining in-force individual life and annuity blocks, according to Resolution Life
Voya said, in a notice filed with the U.S. Securities and Exchange Commission in December 2019, that it expected to get $902 million in cash when it completed the deal, and a total of about $1.7 billion proceeds, after other types of consideration, such as a $225 million stake in Resolution Life.
About 350 Voya employees are moving over to Resolution Life, the company stated. It also is getting about $25 billion in assets and the systems used to manage the business.