Resolution Life taps former EY/Goldman exec as new CFO
Resolution Life, the long-term legacy life insurance solutions provider, has appointed a partner from EY as its chief financial officer.
Simon Woods (pictured) will be responsible for the financial leadership of the business, including accounting, controlling, tax, investments, capital raising and deployment, debt strategy and management, and treasury services.
He joins Resolution Life from EY in Zurich, where he was a Partner in the EMEIA Financial Services group. At EY, he was responsible for a range of senior client relationships across insurance and leading EY’s client services for complex strategic change, including Brexit and LIBOR Transition.
Before EY, he spent 15 years in Investment Banking, latterly as Head of Insurance Financing for Goldman Sachs’ Investment Banking Division in London. Prior to that, Woods worked at both UBS and HSBC.
He will report to Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life, and will join the Group’s Executive Committee.
Resolution Life has previously acquired AMP Life in Australasia and in the US it has acquired Voya Financial’s individual life in-force business as well as recently signing reinsurance agreements with Lincoln National Corporation and Allianz Suisse Life.
Combined with the Group’s Bermuda reinsurance base, Resolution Life currently manages c.$60 billion of assets, employs over 1,500 people and provides services to approximately 2.5m policyholders. Earlier this year, Resolution Life completed a c.$1.6 billion equity capital raise.
Cowdery said: “Simon’s experience positions him to play an instrumental role at Resolution Life as we continue to grow through M&A. He already knows the business well and I look forward to working with him as the group helps even more global insurers to release capital by providing a safe long-term home for policyholders.”
Woods added: “I am delighted to join Resolution at a hugely exciting time for the company and the industry, and to help drive continued growth. The industry and societal need for long-term secure solutions for in-force policies has never been greater, and Resolution is uniquely positioned to deploy capital globally, and to provide full-service solutions across investments, biometric risk and operations.”
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