Over GBP1.9 billion transaction with RSA, represents 55% of the pension benefits of the current pensioners of the RSA main UK schemes
Pacific Life Re has reinsured a proportion of the pensioner liabilities secured by Rothesay Life, an insurance company in the UK and wholly-owned subsidiary of Goldman Sachs, under insurance contracts with RSA Insurance Group (RSA).
Rothesay Life stated that the £1.9 billion transaction with RSA, represents over 55% of the pension benefits of the current pensioners of the RSA main UK schemes.
David Howell, CEO of Pacific Life Re, said: “The complementary expertise and experience of Rothesay Life and Pacific Life Re were crucial in ensuring the successful completion of this complex transaction and we look forward to working together on further opportunities.”
Addy Loudiadis, CEO of Rothesay Life, said: “We are very pleased to have concluded this reinsurance arrangement with Pacific Life Re. Their team has worked imaginatively with us to design a reinsurance contract to match the features of the longevity insurance with RSA.”
Pacific Life Re, a wholly-owned subsidiary of Pacific LifeCorp, is a provider of life reinsurance in the UK, Ireland and Asia.