Rothesay Life writes £3.7bn of new pension bulk annuity business in H2 2019

Written by Adam Cadle

10/09/2019

Rothesay Life has written £3.7bn of new pension bulk annuity business in H2 2019, and year-to-date new business is totalling around £4.4bn.

The insurance company said it is “currently in exclusive execution on several significant bulk annuity transactions" which it expects to result in the firm writing more than £10bn of business during 2019, a record for pension bulk annuities.

Balance sheet strength combined with substantial new equity capital being contributed by shareholders will help Rothesay Life to take advantage of unprecedented opportunity in the defined benefit buy-in and buy-out market. Rothesay Life’s shareholders will contribute at least £500m in new equity to support this.

“While the political and economic backdrop clearly presents challenges, we believe there will also be opportunities for strong institutions which are risk managed well,” Rothesay Life CEO Addy Loudiadis said.

“We expect this to be a record year for new business for Rothesay Life and to finish 2019 as the third largest annuity provider in the UK.”

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