Resolution Limited is a Guernsey

Guernsey

Guernsey, officially the Bailiwick of Guernsey is a British Crown dependency in the English Channel off the coast of Normandy.The Bailiwick, as a governing entity, embraces not only all 10 parishes on the Island of Guernsey, but also the islands of Herm, Jethou, Burhou, and Lihou and their islet...

-incorporated investment vehicle which has the stated intent of forcing consolidation

Consolidation (business)

Consolidation or amalgamation is the act of merging many things into one. In business, it often refers to the mergers and acquisitions of many smaller companies into much larger ones. In the context of financial accounting, consolidation refers to the aggregation of financial statements of a group...

 in the British life insurance

Life insurance

Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...

 industry. It is listed on the London Stock Exchange

London Stock Exchange

The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...

 and is a constituent of the FTSE 100 Index

FTSE 100 Index

The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....

.

History

The firm was founded by entrepreneur Clive Cowdery

Clive Cowdery

Clive Cowdery is an English businessman who made a personal fortune in the insurance industry and has since donated large amounts to charity. He is closely associated with Resolution plc, which was among the first companies to benefit from the invention of the "zombie fund"...

 in 2008 after agreeing a deal to retain the naming rights to Resolution plc

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.-Early history:...

, the zombie fund

Zombie fund

A Zombie Fund is a with-profits life insurance fund, which is closed to new business. So it is running off its investment portfolio, keeping the capital invested while waiting for the last members to die, but not underwriting new policies....

 investor he founded which was sold to Pearl Group

Pearl Group

Phoenix Group is one of the largest providers of insurance services in the United Kingdom. It is listed on the London Stock Exchange and was formerly traded on Euronext Amsterdam.-History:...

 that year.

The company was established with the intention of completing the leveraged buyout

Leveraged buyout

A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...

 and merger of at least three UK life insurance operators by 2012 and spinning out

Spin out

A spin-out, also known as a spin-off or a starburst, refers to a type of corporate action where a company "splits off" sections of itself as a separate business....

 the enlarged company on the stock market. The first of these, Friends Provident

Friends Provident

Friends Provident was an organisation offering life insurance based in the United Kingdom. It was founded as a mutual Friendly Society for Quakers, although it was demutualised in 2001 and became a publicly listed company, no longer linked with the Religious Society of Friends...

, was acquired in November 2009 for £1.86 billion. Upon completion of the deal Resolution, which obtained a listing on the London Stock Exchange

London Stock Exchange

The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...

 in December 2008, took Friends' place in the FTSE 100 Index

FTSE 100 Index

The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....

. It was relegated to the FTSE 250 in March 2010 but returned to the FTSE 100 six months later.

It purchased AXA Sun Life Holdings Ltd from AXA

AXA

AXA S.A. is a French global insurance group headquartered in the 8th arrondissement of Paris. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. The AXA group of companies engage in life, health and other forms of...

 SA in autumn 2010.

Operations

Resolution Limited, based in Guernsey, serves as a holding company

Holding company

A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...

 for the firm. Senior management are however employed by the London-headquartered limited liability partnership

Limited liability partnership

A limited liability partnership is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP one partner is not responsible or liable for another partner's misconduct or negligence. This is an important...

Resolution Operations, through which the company is effectively run.