Life insurance

The Chinese insurance giant is working with financial advisers on the potential sale, which could value Founder’s life insurance unit at as much as $1 billion, the people said, asking not to be identified because the matter is private.

The Palo Alto, California-based company is now valued at $900 million, according to people with knowledge of the matter.

Resolution and Allianz have been working with advisers on a deal that could be announced as early as this week pending regulatory approval, the people said, asking not to be identified because the information is private. The transaction would affect roughly $6 billion in liabilities that would be ceded to Resolution Life, which is run by former GE Insurance executive Clive Cowdery, they said.

Europe’s largest insurer is discussing a potential reinsurance deal for a portfolio with tens of billions of dollars in assets and liabilities, according to the people. It is working with advisers on the possible transaction, the people said, asking not to be identified because the information is private.

In other news: Hippo launches Builders Program; handdii wins the 2021 ACORD Insurtech Innovation Challenge New York; Blockchain-backed title insurance launches in five states.

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