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Consortium-Backed Rothesay Life Buys Metlife Unit

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In recent years, there has been consolidation occurring in the U.K. annuity industry. Pension de-risking is experiencing growth in England. Employers in the U.K. are looking to insurers to deal with obligations from former employees.

Insurer Rothesay Life Ltd. is purchasing the U.K. annuity business of New York-based Metlife Inc. This business unit manages around £3 billion in assets. Rothesay Life has investors that include the Blackstone Group LP, Goldman Sachs, Massachusetts Mutual and Singapore’s sovereign wealth fund (GIC Private Limited). From Metlife’s perspective, annuities tend to be relatively capital intensive compared to other types of insurance products. Metlife has also struggled in gaining new business in this particular area.

On September 9, 2013, the Sovereign Wealth Fund Institute reported GIC’s intent on taking a 30% stake in Rothesay Life.

In 2011, Rothesay Life acquired their competitor Paternoster.

Rothesay Life was advised by Goldman Sachs and Linklaters LLP.

OTPP Anticipates Money from Cushman Wakefield IPO

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The Ontario Teachers’ Pension Plan (OTPP) participated with TPG and PAG Asia on the buyout of DTZ a while back. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Tom Gores Wants Some Credit Game

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Traditional buyout firms are looking at building credit platforms to enhance revenue. Recently, Platinum Equity, a buyout firm run by Tom Gores that was formed in 1995, hired Michael Fabiano to help spur the formation of a credit investing division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Saudi Arabian Military Industries Forms Venture with Navantia

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State-owned Saudi Arabian Military Industries (SAMI) signed a deal with Navantia, a Spanish state-owned shipbuilding company, to form a joint venture to construct five warships – the building of five Avante 2200 Corvettes. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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