A UK High Court judge has blocked the transfer of 12 billion pounds ($15 billion...
LONDON - A UK High Court judge has blocked the transfer of 12 billion pounds in annuities from insurer Prudential to Rothesay Life, the two companies said on Friday.
The deal, which would have been the largest ever such transfer covering 400,000 policy holders, was announced in March last year at the same time Prudential said it was to demerge its UK business. The details of the ruling were not immediately available, but are likely to lead to questions about whether other similar big deals in the sector can be struck. At 1329 GMT, Prudential shares were down 0.7%.
Rothesay, whose investors include U.S. private equity giant Blackstone and Singapore sovereign fund GIC, is Britain’s largest specialist annuity insurer.
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