Initially, the deal – which represents sale of two thirds of Aegon’s UK annuity portfolio -was structured as a reinsurance contract.

It is expected to lead to a Part VII transfer of the underlying assets and liabilities to Rothesay Life subject to regulatory and court approval.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Rothesay’s shareholders, which include Goldman Sachs, Blackstone, and Singapore’s GIC, provided capital support.

The transaction covers approximately 187,000 policyholders who will remain customers of Aegon.

Rothesay in a statement said that customers will continue to be serviced by Aegon until the effective date of a Part VII Transfer.

Rothesay Life founder and CEO Addy Loudiadis said: "As a specialist provider of annuities, I am delighted that Aegon has chosen Rothesay Life to secure its policyholders’ pensions over the long term.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"This transaction represents a significant step for Rothesay Life taking total assets under management to over £20bn and total lives insured to over 400,000."

"The prevalence of non-core businesses in multi-line insurers is creating opportunities for Rothesay Life. With the market set to expand and strong support from our shareholders, Rothesay Life is well positioned to pursue these opportunities in addition to our ongoing bulk annuity business."