Blackstone and GIC to acquire Rothesay stakes

Blackstone and GIC would equally share a 60% stake in the insurer, in a deal valued at around $900m, according to Insurance Insider.

Goldman Sachs, which set up the business in 2007, would be left with around a third of Rothesay since US life insurer Massachusetts Mutual is also set to buy a 6% stake, the Financial Times added.

Rothesay insures pension schemes looking to mitigate financial and longevity risk.

CVC acquired insurance business Domestic & General in a deal worth £750m in August. The high-profile purchase shone a light on a consistently high level of M&A activity in the sector, which looks set to continue, as unquote" investigated last month.

Blackstone could not yet be reached for comment.

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