Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, has concluded a longevity reinsurance deal with Rothesay Life in the UK.

As per the terms of the agreement, MetLife subsidiary will offer to Rothesay reinsurance for longevity risk associated with nearly $320m of pension liabilities.

MetLife head of retirement & income solutions Graham Cox said: “We look forward to building our relationship with Rothesay, a leading direct insurer in the U.K. pension de-risking market.

“This transaction grows our book of business in the UK longevity reinsurance market and continues to build on our long history of risk management expertise in this space.”

Rothesay, which was formed in 2007, offers regulated insurance solutions for pensions de-risking in the UK market. It has assets under management of £56bn and insures the pensions of over 800,000 individuals.

Rothesay managing director Tom Pearce said: “We are delighted to have executed a longevity reinsurance agreement with Metropolitan Tower Life for the first time.

“A deep and diverse pool of reinsurance capital helps the UK de-risking market to grow and supports the long-term security we provide for pensions.”

List of Rothesay’s existing includes the pension schemes and customers associated with such names as Asda, National Grid, Allied Domecq, Cadbury’s, Telent, Prudential, British Airways, Lehman Brothers, Aegon, Zurich Assurance the Post Office and the Civil Aviation Authority.