“Atos Origin works pro-actively, as part of our team, to help us achieve our business goals. They deployed the right people, at the right places, at the right time, with the right skills, and they did the job. So far, together, we're being very successful.”
Brendan Meehan, Chief Operating Officer, Resolution Life Group
Resolution Life Group (RLG) was formed in 2003 for the sole purpose of buying and running closed UK life funds. Acting as an industry utility, it offers a private sector response to the growing number of closed funds. Backed by capital from leading institutional investors, RLG hit the headlines in September2004 with its first acquisition – the £850m purchase of Royal & Sun Alliance Life and followed this up with the £205m acquisition of Swiss Life UK.
Business Challenges
- Starting the business from scratch
- Making the first acquisitions with few in-house resources
- Finding a partner with commitment, flexibility, creativity and industry insight
Solutions
- A clear financial evaluation of the operational synergies and implementation costs of the acquisition
- A rigorous program management approach
- Sensitive yet robust management of employee communications
- An implementation plan that moved seamlessly from deal contract, through completion and post-deal integration
Benefits
- A partnership approach with specialist advisers
- High quality resources able to scale up and down according to business needs
- Operational issues, often overlooked pre-deal, were flushed out and addressed at an early stage
- An innovative and creative pricing structure
- In a highly regulated environment, the acquisition was completed securely with the backing of investors and regulators
- The business is now well positioned to move forward with its next major closed fund deals
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