May 14 (Reuters) - Resolution Life said on Friday it had raised roughly $1.6 billion in its latest funding round, taking financial commitments from investors to nearly $5 billion since the life insurance portfolio manager’s launch in September 2018. The funds will be used to buy portfolios and reinsure them, the company said, seeking to tap a pandemic-driven trend of insurers looking to free up capital and resources by selling older portfolios to specialists. The group, which specialises in buying and reinsuring old life insurance businesses, manages around $60 billion of assets with the help of 1,500 employees, and provides services to more than 2 million policyholders. Resolution Life was founded by veteran insurer Clive Cowdery, who is also its executive chairman. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Devika Syamnath) Our Standards: The Thomson Reuters Trust Principles.