(Reuters) – Blackstone has signed a partnership agreement to manage certain investments for Resolution Life and has agreed to invest $500 million in its life insurance group, the two companies said on Wednesday.
The asset manager has been implementing similar playbooks in recent years, looking to boost its assets under management (AUM) by adding insurance investments in its portfolio.
Last year, Blackstone agreed to manage $50 billion in the life and retirement insurance business of American International Group Inc (AIG.N), which is now traded on the stock market as Corebridge Financial Inc (CRBG.N).
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It also has a similar partnership with annuities and life insurance provider F&G, a unit of Fidelity National Financial Inc (FNF.N).
Under the terms of the deal with Resolution, Blackstone will manage the company’s investments in the private credit, real estate and asset-based financing markets, which will add up to $60 billion to its assets under management over six years, the companies said.
Backed by Resolution’s existing investors, Blackstone will also help Resolution raise another $2.5 billion in equity capital to help “rapidly expand its growth.”
Founded in 2003, Resolution acquires and manages portfolios of life insurance policies. It has operations in Bermuda, the United Kingdom, the United States, Australia, New Zealand and Singapore.
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Additional reporting by Nikit Nishant in Bengaluru; Edited by Shalish Cooper
Our Standards: Thomson Reuters Trust Principles.
Originally published at San Jose News Bulletin
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