GIC Private Limited Lines up for Rothesay Life

One of Singapore’s sovereign wealth funds, GIC Private Limited, is planning to take a 30% stake in Rothesay Life. Rothesay Life is an insurance company that is wholly-owned by the Goldman Sachs Group. They are in the pension risk transfer business. In early 2013 and thanks to Basel III regulation requirements, Goldman Sachs has been looking to unload a large portion of its European insurance business. Singapore’s GIC has been an avid buyer of financial companies particularly in the insurance space.

In May 2013, Goldman Sachs sold around 80% of its Bermuda reinsurance business called Global Atlantic Financial Group (formerly the Goldman Sachs Reinsurance Group).

Another 30% stake is rumored to be going to the Blackstone Group, a private equity firm. Massachusetts Mutual is looking to pick up a 6% stake, a U.S.-based life insurer.

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