Zurich sells annuity book to Rothesay Life for £1.2bn

Carmen Reichman

Insurer Zurich is to pass its £1.2bn legacy annuities business covering 28,000 clients to specialist Rothesay Life.

Zurich's UK Life business has initially reinsured the policies to Rothesay Life and will transfer them following regulatory approval. The provider has not actively marketed its annuity business since 2005 and said the move is in line with its "current strategy of actively managing its business for value". Zurich transferred £3.9bn of immediate annuities, comprising some 220,000 policies, to Windsor Life in 2007. The transaction will take Rothesay Life's new business income past £1.7bn for the year to date. Chief executive Gary Shaughnessy (pictured) said: "Zurich has not been ac...

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