Company type | Private |
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Industry | Insurance |
Founded | 2007 |
Founder | Addy Loudiadis |
Key people | |
Total assets | ![]() |
Owner |
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Website | www |
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 the Singaporean sovereign wealth fund GIC and the 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]
Rothesay 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' £6 billion bulk annuity portfolio. [8]