Reinsurance News
Rothesay Life
MetLife expands in UK longevity market with $5bn Rothesay transactions
26th February 2021
Metropolitan Tower Life Insurance Company, a subsidiary of financial services company MetLife, Inc., has announced the completion of two longevity reinsurance transactions with Rothesay Life Plc. After entering the UK longevity reinsurance market in June of last year via an arrangement with Pension Insurance Corporation (PIC), MetLife subsequently completed ... Read the full article
MetLife grows UK longevity reinsurance book with Rothesay transaction
29th October 2020
A subsidiary of financial services company MetLife, Inc., Metropolitan Tower Life Insurance Company, has completed a UK longevity reinsurance transaction with Rothesay Life plc. Under the terms of the arrangement, the MetLife subsidiary will provide reinsurance coverage to Rothesay for the longevity risk associated with roughly $320 million of pension liabilities. Graham ... Read the full article
GIC & MassMutual buy out Blackstone’s stake in Rothesay Life
30th September 2020
Global investment firm GIC and mutual life insurer Massachusetts Mutual Life Insurance Company (MassMutual) have agreed to acquire a 36% shareholding in Rothesay Life from investor Blackstone in a deal valued at £5.75 billion. Under the terms of the transaction, GIC and MassMutual will each become equal 49% shareholders. Blackstone, GIC and ... Read the full article
Marathon Service pension scheme completes £610m buy-in with Rothesay Life
2nd September 2020
The Marathon Service Limited Pension and Life Assurance Scheme has completed a £610m full buy-in with Rothesay Life, enabling them to cover over 1,400 members. The transaction, which was initiated by the scheme’s sponsoring employer, RockRose Energy, has secured benefits for the 740 pensioners and 700 deferred members in the scheme. RockRose ... Read the full article
Rothesay Life in £3.8bn pension buy-in deal with Asda
18th October 2019
Rothesay Life, the specialist insurer of defined benefit pension schemes, has agreed to a £3.8 billion bulk annuity buy-in of the Group Pension Scheme of Asda, the UK supermarket retailer owned by Walmart. The transaction has been secured in anticipation of a full buy-out of the Scheme, and will be enabled ... Read the full article
Rothesay Life in £2.8bn pension buy-in deal with National Grid UK
8th October 2019
Rothesay Life, the specialist insurer of defined benefit pension schemes, has concluded a £2.8 billion buy-in transaction with the National Grid UK Pension Scheme. The deal is expected to provide more certainty for the National Grid UK around the impact of changes in life expectancies. It also removes financial risks such as ... Read the full article
Rothesay Life closes £3.8bn pension buy-in with Allied Domecq
27th September 2019
Rothesay Life, the specialist insurer of defined benefit pension schemes, has completed a £3.8 billion buy-in deal with the pension fund of the now defunct British drinks group Allied Domecq. The insurance transaction will secure the majority of the scheme’s liabilities, and is the largest scheme buy-in on record that incorporates ... Read the full article
Rothesay Life completes record-sized UK pension buy-out
26th September 2019
Rothesay Life, the specialist insurer of defined benefit pension schemes, has agreed to a £4.7 billion bulk annuity insurance buy-out of the pension scheme of telent, the UK radio, telecommunication, and internet systems installation and services provider. The deal, which is the largest full scheme buy-out ever undertaken in the UK, ... Read the full article
Court ruling on Prudential/Rothesay expected to disrupt de-risking plans: Fitch
28th August 2019
A recent UK High Court judgement to block Prudential's proposed £12 billion annuities transfer to Rothesay Life, is a sign that some insurers will likely have to retain business that they hoped to offload, warns Fitch Ratings. The proposed Part VII portfolio transfer from Prudential to Rothesay Life, which followed ... Read the full article
Prudential’s £12bn annuities transfer to Rothesay blocked by High Court
16th August 2019
A UK High Court judgement has blocked Prudential's proposed £12 billion annuities transfer to longevity re/insurer Rothesay Life. The Part VII portfolio transfer was first announced by Prudential in March 2018 as part of plans to demerge its UK & Europe business. The High Court judgement supposedly has no impact on ... Read the full article
Rothesay Life in £520mn buy-in with Cadbury Mondelez Pension Fund
12th August 2019
Life insurer Rothesay Life has agreed a £520 million pensioner-only buy-in with the Cadbury Mondelēz Pension Fund, covering payments for c. 1,900 pensioner members. The bulk annuity transaction covers a representative subset of the liabilities for pensions already in payment, and will be held as an asset of the pension scheme. The ... Read the full article
Rothesay reportedly planning to acquire Swiss Re’s ReAssure
4th January 2019
Specialist insurance firm Rothesay Life is reportedly planning a £3.5 billion acquisition of ReAssure, the UK arm of reinsurance giant Swiss Re, according to Sky News reports. Global reinsurer Swiss Re announced last year that it planned to explore a potential IPO of ReAssure in 2019, with the firm's Chief Executive ... Read the full article
Rothesay Life reinsures £12 billion annuity book for Prudential
14th March 2018
Life, annuities, pension and longevity re/insurer Rothesay Life has reinsured a £12 billion chunk of Prudential plc's annuity book managed under the M&G Prudential brand. Prudential today announced that it will be demerging its UK & Europe business M&G Prudential from the overall Prudential plc group, resulting in two separately-listed companies. The ... Read the full article
Rothesay Life appoints Naguib Kheraj to Board Chairman
15th January 2018
Rothesay Life has appointed Naguib Kheraj to Chairman of the Board set to succeed Ray King who will move into Kheraj's current board position as Non-Executive Director. Rothesay Life also announced that Stan Beckers and Terry Miller have joined the board as independent Non-Executive Directors and Glenn Earle and Dermot McDonogh have ... Read the full article
Blackstone, GIC & MassMutual acquire Goldman Sach’s entire Rothesay Life shares
9th August 2017
Blackstone, GIC and MassMutual have reach an agreement to acquire Goldman Sachs’ entire shareholding in Rothesay Life. GIC, the largest Singapore sovereign wealth fund, and investment manager Blackstone will hold equal largest stakes, while insurer MassMutual will significantly increase its stake share. Goldman Sachs said it plans to retain a close relationship ... Read the full article
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