Zurich signs agreement with Rothesay Life
11 January 2016
Zurich UK Life has signed an agreement to transfer a further tranche of its legacy portfolio of immediate annuities to Rothesay Life.
Zurich has not actively marketed its annuity business since 2005, choosing instead to focus on growing its core business. This transaction is in line with Zurich's current strategy of actively managing its legacy business for value and exiting non-strategic markets.
Zurich provides a suite of general insurance and life insurance products to retail and corporate customers. The UK General Insurance division supplies personal, commercial and local authority insurance through a variety of distribution channels. Zurich’s UK Life business* offers a range of personal protection, pensions and investment policies available through financial intermediaries. UK life also provides protection and pensions policies for the corporate market available through employee benefit consultants. Based at 21 locations all across the UK - with large sites in Birmingham, Cardiff, Farnborough, Glasgow, London, Swindon and Whiteley - Zurich employs approximately 6,000 people in the UK.
*Zurich’s UK Life business is operated primarily through two entities: Zurich Assurance Ltd and Sterling ISA Managers Ltd. Zurich Assurance Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Sterling ISA Managers Limited is authorised and regulated by the Financial Conduct Authority."
About Rothesay Life
Rothesay Life was established in 2007 and has become one of the leading providers of regulated insurance solutions in the UK market for pensions de-risking, making payments of around £700m a year from over £16 billion of insurance contracts. In 2014, Rothesay Life received around £1.7 billion of bulk annuity premiums (2013: £1.6bn) and wrote seven deals over £100m, more than any other insurer in the sector. This strong growth has been achieved through the steady accumulation of pension scheme clients and significant strategic acquisitions.
Existing Rothesay Life clients include the pension schemes and members associated with such names as RSA, British Airways, Rank, Uniq, General Motors, the MNOPF (Merchant Navy Officers Pension Fund), InterContinental Hotels, Philips, GKN, Lehman Brothers, Zurich Assurance and the Civil Aviation Authority.
Rothesay Life is a secure long-term provider of pensions, focused on
• a flexible and committed approach to execution;
• ongoing risk management to maintain balance sheet strength; and
• robust operational processes.
Rothesay Life is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.