(September 6, 2013) — The majority of Rothesay Life is to be sold by owner Goldman Sachs to a trio of buyers in a deal thought to be worth £900 million.
Private equity house Blackstone and Singaporean sovereign wealth fund GIC are believed to have taken 30% apiece.
US Life insurer company Mass Mutual is understood to have taken on a further 6%. The deal, first reported by Insurance Insider, would leave Goldman Sachs with just 34% of the business it set up in 2007.
Rothesay Life declined to comment, and Blackstone, GIC and Mass Mutual were unable to be reached at the time of writing.
It was first reported that Rothesay Life was to be put up for sale on August 8.
The new capital requirements from Basel III regulation motivated Goldman to “explore different options” with its European insurance arm, a source informed on the matter told aiCIO.
As of June, the insurer’s pension assets totalled $9.66 billion, and consisted primarily of financial instruments. Liabilities outstripped assets at $10.62 billion.
Earlier this week, Rothesay Life completed a £440 million pension risk transfer deal for the InterContinental Hotel group.
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