London-headquartered Resolution Life Group has opened a representative office in Singapore, following approval from the Monetary Authority of Singapore (MAS).
This is part of the company’s plans to establish itself in Asia and become a “global solutions provider”.
Resolution Life aims to grow its portfolio by “supporting the primary life insurance industry”, it said.
The insurer’s Singapore presence will be established by the company’s new markets team, which includes Asia chief operating officer and chief representative Kirstin Rankin, who relocated from London where she was group general counsel, and Yan Sun, who joined as head of solutions for the region.
Additionally, Rushabh Ranavat will lead Resolution’s overall expansion in Asia as managing director.
The move follows three acquisitions by Resolution Life in 2021, including Allianz Suisse Life in Europe, and Allianz Life and Lincoln Financial Group in North America; as well as the takeover of AIA’s Australian superannuation and investment business in early 2022.
Clive Cowdery, founder and executive chairman of Resolution Life, said: “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.”
Nardeep Sangha, chief executive 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.”