Rothesay Life Limited will acquire bulk annuity pension provider MetLife Assurance Limited, a subsidiary of MetLife, for an undisclosed sum.
According to a statement from Rothesay Life, the deal is set to be completed in the second quarter of the year subject to regulatory approval and some other conditions.
Early last year (20 February) MetLife confirmed to FTAdviser that it had put its pensions risk transfer business up for sale.
MetLife Assurance has approximately £3bn in assets under management.
MetLife said the decision to sell MetLife Assurance does not affect MetLife’s other businesses in the UK, including the UK wealth management and employee benefits business MetLife Europe Limited or MetLife’s US pension risk transfer business.
Addy Loudiadis, chief executive of Rothesay Life, said: “The acquisition of MetLife Assurance makes Rothesay Life the UK’s largest dedicated provider of defined benefit de-risking solutions, with over £10bn of assets under management.
“The UK pension de-risking market has experienced recent strong growth, with transaction levels approaching the 2008 high.”
