The retirement services arm of Prudential Financial Inc. is providing longevity risk reinsurance for a unit of the Goldman Sachs Group Inc.
Prudential Retirement Insurance and Annuity Company, Hartford, is reinsuring the equivalent of about $160 million in pension account value for Rothesay Life Ltd., London.
Goldman Sachs, New York, is using Rothesay Life as a vehicle for helping employers in the United Kingdom transfer pension risk.
In July 2010, Rothesay Life reinsured a block of pension risk business with a unit of PacificLife Corp., Newport Beach, Calif.
Prudential Financial, Newark, N.J. (NYSE:PRU), the parent of Prudential Retirement, sees the Rothesay Life deal as a step toward Prudential’s pension risk transfer business, according to Amy Kessler, a senior vice president at Prudential.
Rothesay Life believes the deal with Prudential represents the beginning of an important long-term relationship, according to Rothesay Life Chief Executive Addy Loudiadis.
- Allison Bell