Resolution Re, the Bermudian-based reinsurance platform of Resolution Life, has executed a $2.5 billion transaction with a prominent British-regulated insurer.

⁠The transaction was completed at the end of 2023 and sees Resolution Re reinsure the market and longevity risks of approximately 90,000 policyholders — approximately £2 billion of individual in-payment UK annuity liabilities.

The company said this is Resolution Re’s second funded reinsurance transaction in the British market and extends Resolution Life’s position as a leading global manager of in-force life insurance businesses, with more than four million policies in-force, supported by its operational and digital administrative capabilities that enable better customer experiences.

Steve Hales, chief executive officer of Resolution Re, said: “This transaction affirms Resolution Re’s track record of managing life and annuity portfolios while supporting insurers in meeting their long-term commitments to policyholders.

“We will continue to develop our leading specialist in-force management franchise and we believe our global experience, strategic relationships and aligned business model leave us well positioned to grow.”