|
Rothesay (insurer)
Rothesay (formerly Rothesay Life) is a British pension insurance company based in the United Kingdom. A former subsidiary of Goldman Sachs, it is owned by Singaporean sovereign wealth fund GIC and American insurer MassMutual.[1][2] Rothesay principally insures the liabilities and risks of companies' defined benefit pension schemes, transactions known as "bulk purchase annuities" (BPA). It also acquires existing annuity portfolios. As of 2024[update], the company had £68 billion ($83 billion) of assets under management, and insures the pensions of more than one million policyholders.[3] HistoryRothesay was founded by Addy Loudiadis in 2007, as a subsidiary of Goldman Sachs. Its first transaction was a buy-out of Rank Group's £700 million pension scheme, in 2008.[4] In 2019, Rothesay completed a buy-out of the GEC 1972 Pension Scheme, worth £4.7 billion, at the time the largest bulk annuity transaction ever completed.[5] In 2019, Rothesay entered into an agreement with Prudential to take on its £12 billion annuity business. This transfer was blocked in the High Court.[6] In 2021, on appeal, the decision was overturned, allowing the transaction to go ahead.[7] In 2024, Rothesay acquired Scottish Widows's £6 billion bulk annuity portfolio.[8] References
|
Portal di Ensiklopedia Dunia
