(Bloomberg) — Rothesay Life Ltd., the insurer run by Goldman Sachs Group Inc. Managing Director Addy Loudiadis, agreed to buy a U.K. annuity business with about 3 billion pounds ($5 billion) of assets under management from MetLife Inc.
The deal for MetLife Assurance covers benefits to more than 20,000 individuals in the U.K. and Ireland, according to a statement today from the companies.
Rothesay, whose investors include Goldman Sachs, Blackstone Group LP and Singapore’s sovereign wealth fund, has been expanding in the retirement business as U.K. employers turn to insurers to handle obligations to former employees. The London-based insurer concluded 1.8 billion pounds of transactions since the beginning of last year, including pension deals with InterContinental Hotels Group Plc and Smith & Nephew Plc.