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Rothesay (insurer)

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UK pension insurer

Rothesay Ltd
Company typePrivate
IndustryInsurance
Founded2007; 18 years ago (2007)
FounderAddy Loudiadis
Key people
  • Tom Pearce (CEO)
  • Graham Butcher (CFO)
Total assetsIncrease£68 billion (2024)
Owner
Websitewww.rothesay.com

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.

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, the company had £68 billion ($83 billion) of assets under management, and insures the pensions of more than one million policyholders.

History

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.

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.

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. In 2021, on appeal, the decision was overturned, allowing the transaction to go ahead.

In 2024, Rothesay acquired Scottish Widows's £6 billion bulk annuity portfolio.

References

  1. "Goldman/Rothesay: senior moment". Financial Times. 9 August 2017. Retrieved 13 January 2025.
  2. Ralph, Oliver; Wiggins, Kaye (30 September 2020). "Blackstone sells Rothesay stake for £2.1bn". Financial Times. Retrieved 13 January 2025.
  3. "About us". www.rothesay.com. Retrieved 13 January 2025.
  4. Stewart, Nyree (29 February 2008). "Rothesay Life completes first deal with Rank buyout (amended)". Investment & Pensions Europe. Retrieved 13 January 2025.
  5. Horton, Emily. "Rothesay Life lands biggest ever UK pension scheme buyout". fnlondon.com. Archived from the original on 14 February 2022. Retrieved 13 January 2025.
  6. Ralph, Oliver (27 September 2019). "Rothesay Life and Prudential appeal against £12bn transfer ruling". Financial Times. Retrieved 13 January 2025.
  7. "Court approves Prudential-Rothesay annuity transfer". Grant Thornton UK LLP. Retrieved 13 January 2025.
  8. "Lloyds Sells £6 Billion of Bulk Annuities to Rothesay". Bloomberg.com. 13 March 2024. Retrieved 13 January 2025.
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