Rothesay Life To Acquire MetLife Assurance - Quick Facts

(RTTNews) - Rothesay Life Limited and MetLife, Inc. (MET) announced that Rothesay Life would acquire MetLife Assurance Limited, a MetLife subsidiary that provides specialist bulk annuity pension and has around 3 billion pounds in assets under management.

The acquisition is expected to be completed in the second quarter of 2014. The terms of the agreement were not disclosed.

Established in 2007, MetLife Assurance has been a well-known and successful supplier of bulk annuities in the U.K. and Irish markets, securing the benefits of more than 20,000 members.

It maintains the capital standards and prudent reserves required by the Prudential Regulation Authority to safeguard its customer benefits.

Benefit obligations to trustees and pension payments to individual policyholders will not be affected by this sale.