International financial services organization Goldman Sachs Group has divested a majority stake in its UK pension insurance business Rothesay Life to a group of companies.

Based on the release by the company, Singapore wealth fund GIC and private equity group Blackstone each acquired 28.5% stake, while Massachusetts Mutual Life Insurance Company purchased a 7% holding.

Following completion of the transaction, which is pending receipt of the concerned regulatory approval, Goldman Sachs will continue to be the largest shareholder with a 36% stake in the company.

Commenting on the deal, Goldman Sachs Group vice chairman Michael Sherwood said that Rothesay Life’s success has now brought it to a size at which it is more capital-efficient for Goldman Sachs to share its ownership with other investors.

"As a market leader in a dynamic industry, Rothesay Life can continue its growth as a standalone business with the benefit of diversified ownership," Sherwood added.

Rothesay Life, which insures pension liabilities, was set up as a wholly owned subsidiary of Goldman Sachs in 2007. The company had $9.66bn in assets as of 30 June 2013.

Earlier this year, Goldman offloaded 80% shareholding to its reinsurer business Global Atlantic Financial Group, due to the implementation of the new capital rules.

Most recently, Goldman Sachs’ private equity arm inked an agreement to acquire 50% stake in UK car insurer Hastings Insurance Services, in a transaction valued at approximately £350m ($562m).

Established in 1869, Goldman Sachs operates as investment banking, securities and investment management firm and offers various financial services to corporations, financial institutions, governments and high-net-worth individuals.