Resolution plc
Resolution plc was a UK insurance company headquartered in the City of London. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but was acquired by the Pearl Group in May 2008.
History
Early history
The Resolution Life group was formed in 2004 to provide a vehicle for life funds that have been closed to new business, but have liabilities extending many years into the future, nicknamed zombie funds. The first purchase was the life insurance business of Royal & SunAlliance, followed by the purchase of Swiss Life's UK business.
In September 2005 Resolution Life merged with the FTSE company Britannic Group, who had closed to new business in 2003.
In 2006 the merged group bought the life business of Abbey National, a transaction of £3.6 billion that brought entry into the FTSE 100.
On May 30, 2007, Resolution announced a strategic partnership with Capita which will result in the transfer of approximately two thousand staff in Customer Services and IT and a phased outsourcing of back-office customer services to India.
