Source: Unisys
Unisys (NYSE: UIS) today announced that Unisys Insurance Services Limited (UISL) - a wholly owned Unisys subsidiary - will process and administer an additional 750,000 life and pensions policies under a contract extension with Resolution Life Group (Resolution).
The extension agreement covers all administration and support services for Swiss Life UK, which was recently acquired by Resolution. The agreement is for an initial term of 10 years with an estimated value in excess of £50 million ($90 million), based on projected policy volume.
Resolution was formed to buy and run off UK life funds. In 2004, Resolution acquired Royal & Sun Alliance Life (R&SA Life), which has been a UISL client since 2003.
UISL is one of the largest life and pensions administration utilities in the United Kingdom and provides BPO services to customers including Abbey Life. With this contract, UISL will now manage about 4.2 million policies for its clients.
Mike Eaton, managing partner, Financial Services, Unisys and chief executive officer, UISL said, "UISL is committed to the UK life and pensions outsourcing market, and this contract extension deepens our partnership with Resolution by extending services to its Swiss Life UK policyholders."
Brendan Meehan, chief operating officer of Resolution, said, "Resolution is founded on the belief that policyholders in closed life funds deserve to be treated as fairly as those in open life funds. Providing service is a key part of this and UISL has already shown its commitment to serving Resolution's customers."