Deals
Cowdery’s Resolution Buys Allstate Life Business in U.S.
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Clive Cowdery, who earned a fortune cutting deals that consolidated the U.K. life-insurance industry, is making a foray into the U.S. by buying a business from Allstate Corp. for $600 million (394 million pounds).
Resolution Life Holdings Inc., a company founded by Cowdery’s London-based Resolution Group, agreed to buy Lincoln Benefit Life Co. from Allstate, according to a statement yesterday from the Northbrook, Illinois-based company. The buyer’s strategy is to acquire other U.S. life businesses that are in runoff, or are no longer selling new policies.