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Pac Life In U.K. Deal

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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.