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Zurich UK Life has signed an agreement to transfer its legacy portfolio of immediate annuities to Rothesay Life. Under the terms of the agreement, Zurich UK Life has initially reinsured GBP 1.2 billion of annuities to Rothesay Life. Subject to UK Court approval and regulatory consultation, the parties then intend to transfer the annuities to Rothesay Life under a Part VII Transfer. |
Zurich UK Life 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 business for value.
The completion of the Part VII Transfer involves a review process which includes close consultation with the regulators, the appointment of an independent expert to assess the likely impact of the Part VII Transfer on our policyholders and UK Court approval. This process is designed to ensure our customers are protected for the future.
Until the effective date of the Part VII Transfer, Zurich UK Life will continue to be responsible for the administration of the annuity policies and policyholders will remain customers of Zurich UK Life. After the Part VII Transfer is complete, the responsibility for policy administration will pass to Rothesay Life.
Gary Shaughnessy, CEO of Zurich UK Life said:
“Zurich has not been active in the UK annuities market for some time. This transaction protects our customers, reduces our risk exposure and is aligned with our strategy of focusing our resources on pursuing sustained profitable growth.
“Rothesay Life is a specialist in the annuity market and we have followed a rigorous process to ensure we have chosen the right company for our customers”.
The transaction takes Rothesay Life’s 2015 new business premium received past £1.7bn for the year to date.
Commenting on the transaction Rothesay Life Chief Executive, Addy Loudiadis said:
“Rothesay Life has proven its ability to acquire annuity business organically in the pensions market, through corporate acquisition and now with our latest transaction, through reinsurance and part VII Transfer.
“The deal continues an increasing trend of legacy annuity books transferring to specialists such as ourselves. We look forward to completing the transfer and providing Zurich’s policyholders a secure home.”
The annuity portfolio being transferred comprises around 28,000 policies. In 2007, Zurich UK Life transferred most of its legacy annuities held at the time to Windsor Life.
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