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July 15, 2009 at 08:00 PM
A U.K. reinsurance subsidiary of Pacific LifeCorp has reinsured a large portion of the pension liabilities secured by affiliates of Rothesay Life Ltd.
Pacific Life Re, London, says the reinsurance arrangement with Rothesay, London, has a value equivalent to about $3.1 billion.
Rothesay is a subsidiary of Goldman Sachs Group Inc., New York.
Pacific Life Re is reinsuring about 55% of the pension benefits of individuals now receiving benefits from the main Rothesay U.K. pension plans.
The arrangement “is the biggest deal seen to date in the pension buy-out market, Pacific Life Re says.
“Our involvement represents another major step in establishing Pacific Life Re as a leading longevity reinsurer in the U.K. market,” David Howell, chief executive of Pacific Life Re, says in a statement about the transaction.
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