Rothesay Life is to purchase a £12bn annuity portfolio from Prudential, covering around 400,000 policyholders, in the largest transaction of its type in the UK.
The transaction is expected to lead to a Part VII transfer of the underlying assets and policy liabilities to Rothesay Life subject to regulatory and court approval.
Rothesay Life’s shareholders have invested additional equity to finance the transaction and it will result in an increase to Rothesay Life’s asset base to over £37bn.
Rothesay Life chief executive Addy Loudiadis said: “I am delighted that Prudential, one of the UK’s most respected insurance companies, has chosen Rothesay Life to secure its policyholders’ pensions over the long term in a landmark transaction for us and for the industry.”
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