Heavyweights beef up Cowdery buyout vehicle Resolution

RESOLUTION, the buyout vehicle founded by entrepreneur Clive Cowdery, has taken on former Swiss Re chief Jacques Aigrain, ex-Aviva Spain boss Gerardo Arostegui and Mel Carvill, founder of private equity firm PPF Partners, as independent directors.

Aigrain left Swiss Re last year after holding the position of chief executive since 2006. Prior to joining the insurer, he spent 20 years at investment bank JP Morgan, latterly as co-head of investment banking client coverage and a member of the management committee.

Aigrain is also currently on the board of Deutsche Lufthansa and Swiss International Airlines.

Arostegui is a veteran of Aviva Spain, where he worked between 1985 and 2008, including as chief executive of the firm’s operations in the country. He is also currently an independent director of Spanish stainless steel tubing company Tubacex.

Completing the trio, Carvill worked at Italian global insurance and financial products firm Generali for 24 years before setting up private equity firm PPF Partners, a joint venture with Generali with current commitments in excess of €2bn (£1.74bn).

Resolution chief executive John Tiner, the former head of the Financial Services Authority, said the expertise of the three new directors would be “invaluable” to the group’s restructuring plans across the insurance, asset management and banking sectors.

Resolution bought insurer Friends Provident last year for £1.86bn.