Skip to content
Subscriber Only
Markets
Deals

Rothesay Is Said to Take Lead for Prudential's U.K. Annuities

  • Blackstone-backed firm on track to beat L&G, Scottish Widows
  • Prudential’s annuities may be worth 1-1.5 billion pounds

British insurer Rothesay Life, backed by Blackstone Group LP, is emerging as the lead bidder to buy at least 10 billion pounds ($13.8 billion) of U.K. annuities from Prudential Plc, according to people with knowledge of the matter.

Rothesay is on track to beat out Legal & General Group Plc, the Scottish Widows pension unit of Lloyds Banking Group Plc and Pension Insurance Corp., the people said, declining to be identified because the deliberations are confidential. The entire portfolio could be worth about 1-1.5 billion pounds, they said. The suitors have been bidding for all or part of the book, they said.