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Court greenlights Prudential transfer to Rothesay Life

By BFN News | 01:31 PM | Wednesday 02 December, 2020


An English court has approved Rothesay Life's appeal to allow it to receive a much-delayed transfer of a Prudential annuity portfolio. In August 2019 the High Court of England and Wales blocked the transfer. This stemmed from a March 2018 agreement between Prudential Assurance Company and Rothesay Life to reinsure £12bn of shareholder-backed annuity liabilities. The Court of Appeal has now overruled this ban and Rothesay Life has welcomed the news. In a statement, Rothesay Life said: 'The Court of Appeal's decision provides important clarity for our whole sector. As a purpose-built company, Rothesay is dedicated to providing our policyholders with the long-term security and excellent service that a specialist provider can offer. 'We look forward to continuing our strong relationship with M&G Plc.' Story provided by StockMarketWire.com

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