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Rothesay, the UK’s largest pensions insurance specialist, today announces that it has agreed to acquire the c.£6 billion Scottish Widows in-force bulk annuity portfolio from Lloyds Banking Group. The business to be transferred covers the pension benefits of c.42,000 people.The transaction is in line with Lloyds Banking Group’s strategy of building a customer-focused digital leader and integrated financial services provider. It will enable Lloyds to focus on growing strategically important lines of business such as insurance, investments, retirement and pensions, through direct and intermediary channels.The acquisition of the Scottish Widows portfolio represents Rothesay’s sixth acquisition of in-force annuities, further demonstrating the strength of its capabilities in this part of the pension risk transfer market.Rothesay has over £60 billion in assets under management and pays out, on average, £2.5 billion in pension payments each year. It was purpose-built to secure the future for its policyholders and is trusted by the pension schemes of some of the UK’s best-known companies to provide pension risk transfer solutions along with award-winning levels of customer service.The transaction, which is subject to regulatory approval, is initially structured as a reinsurance agreement for the in-force bulk annuity portfolio, with a Part VII process to follow next year.Policies will continue to be serviced by Scottish Widows until the effective date of the Part VII transfer at which point they will begin to receive benefits in the normal way from Rothesay. Policyholders do not need to take any action.The overall financial impact of this sale on Lloyds Banking Group is not material.Tom Pearce, Chief Executive Officer at Rothesay, said: “I am delighted that Lloyds Banking Group has chosen Rothesay as the long-term home for its bulk annuity business and look forward to welcoming our new policyholders from Scottish Widows. Rothesay’s substantial capital resources combined with the proven strength of our execution capabilities mean we are able to deliver solutions for our clients across all areas of the pension de-risking market

SPRINGFIELD, Mass.--(BUSINESS WIRE)--Massachusetts Mutual Life Insurance Company (MassMutual) today announced that Tim Corbett, chief investment officer, will retire after successfully leading the company’s investment strategy and overseeing its General Investment Account (GIA) for the past 12 years. Eric Partlan, head of portfolio management, will succeed Corbett, effective March 1, 2023.“Tim has played an important role in executing on our strategy and delivering outstanding investment results across our portfolios, helping us effectively manage long-term risk across various global market cycles and constantly changing economic conditions while providing value to our policyowners,” said Roger Crandall, MassMutual Chairman, President and CEO. “We will miss Tim’s innovative spirit and relentless focus on the culture, people and talent within the investment team and across the company.”Corbett, who has had a distinguished 40-year career in investment management, joined MassMutual in 2011 and built a leading investment management model and team. During his tenure at MassMutual, the company doubled its GIA to more than $220 billion[1] and opened the door to new investment opportunities that have benefitted the company’s policyowners and communities.Under his leadership and in partnership with MassMutual’s global institutional asset manager, Barings, the company’s portfolio grew to include a wide range of diversified investments, including private equity, renewable energy, and more. Corbett also oversaw the addition of Rothesay, the UK’s largest specialist pensions insurer, to MassMutual’s portfolio of strategic businesses and investments, as well as the launch of MassMutual Ventures, which manages more than $1 billion globally, backing more than 65 startups across the financial technology, enterprise SaaS, cybersecurity, digital health and climate technology sectors. And, most recently, MassMutual implemented a forward-thinking approach to impact investing with efforts like the MM Catalyst Fund and the First Fund Initiative, which make direct investments in Black-led businesses in Massachusetts, as well as tech businesses based outside Boston to fuel innovation across the Commonwealth, and diverse, first-time fund managers, respectively.Following Corbett’s departure, Eric Partlan will be promoted to chief investment officer and join MassMutual’s executive leadership team, reporting to Crandall.“A testament to Tim’s strong leadership is the excellent successor that he leaves us with in Eric,” added Crandall

SPRINGFIELD, Mass.--(BUSINESS WIRE)--Massachusetts Mutual Life Insurance Company (MassMutual) today announced that Tim Corbett, chief investment officer, will retire after successfully leading the company’s investment strategy and overseeing its General Investment Account (GIA) for the past 12 years. Eric Partlan, head of portfolio management, will succeed Corbett, effective March 1, 2023.“Tim has played an important role in executing on our strategy and delivering outstanding investment results across our portfolios, helping us effectively manage long-term risk across various global market cycles and constantly changing economic conditions while providing value to our policyowners,” said Roger Crandall, MassMutual Chairman, President and CEO. “We will miss Tim’s innovative spirit and relentless focus on the culture, people and talent within the investment team and across the company.”Corbett, who has had a distinguished 40-year career in investment management, joined MassMutual in 2011 and built a leading investment management model and team. During his tenure at MassMutual, the company doubled its GIA to more than $220 billion[1] and opened the door to new investment opportunities that have benefitted the company’s policyowners and communities.Under his leadership and in partnership with MassMutual’s global institutional asset manager, Barings, the company’s portfolio grew to include a wide range of diversified investments, including private equity, renewable energy, and more. Corbett also oversaw the addition of Rothesay, the UK’s largest specialist pensions insurer, to MassMutual’s portfolio of strategic businesses and investments, as well as the launch of MassMutual Ventures, which manages more than $1 billion globally, backing more than 65 startups across the financial technology, enterprise SaaS, cybersecurity, digital health and climate technology sectors. And, most recently, MassMutual implemented a forward-thinking approach to impact investing with efforts like the MM Catalyst Fund and the First Fund Initiative, which make direct investments in Black-led businesses in Massachusetts, as well as tech businesses based outside Boston to fuel innovation across the Commonwealth, and diverse, first-time fund managers, respectively.Following Corbett’s departure, Eric Partlan will be promoted to chief investment officer and join MassMutual’s executive leadership team, reporting to Crandall.“A testament to Tim’s strong leadership is the excellent successor that he leaves us with in Eric,” added Crandall