GIC, MassMutual acquire Blackstone's shares in UK insurer Rothesay Life

Both companies express confidence in their partnerships with the Group.

GIC and Massachusetts Mutual Life Insurance Company have acquired Blackstone’s 36% shareholding in Rothesay Life, the largest specialist annuity provider in the UK.

Under the terms of the transaction, GIC and MassMutual will each become equal 49% shareholders. The transaction values the insurer at $1.01b (£5.75b), as the deal came after a record $2.87b (£16.3b) of new business underwritten in 2019.

Blackstone, GIC and MassMutual have been shareholders in Rothesay Life since 2013.

Rothesay Life continued strong momentum in H1. Since their initial investment, Rothesay Life has grown its AUM from $1.31b (£7.5b) to $9.84b  (£56b).

Today, the insurer secures the pensions of over 800,000 people and is trusted by some of the UK’s best known companies to provide pension solutions.