Rothesay Life is set to acquire MetLife subsidiary MetLife Assurance, a specialist bulk annuity pension provider in the UK and Irish markets.
The transaction is subject to regulatory approval and other closing conditions, and is expected to be completed in the second quarter of 2014.
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However, financial terms of the deal have not been disclosed.
Rothesay Life CEO Addy Loudiadis said that the acquisition of MetLife Assurance makes the company the UK’s largest dedicated provider of defined benefit de-risking solutions, with more than £10bn of assets under management.
"The U.K. pension de-risking market has experienced recent strong growth, with transaction levels approaching the 2008 high. The acquisition of the £3 billion MetLife Assurance annuity portfolio follows the acquisition of Paternoster in 2011 and builds on Rothesay’s strong organic growth track record, taking transactions since the start of 2013 to £4.8 billion," Loudiadis noted.
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