Rothesay Life buys Paternoster

In a statement issued yesterday evening, Paternoster says: "Following a sale process, shareholders holding a majority of shares have entered into an agreement pursuant to which they intend to sell their shares to Rothesay, subject to regulatory approval and certain other terms and conditions. "The board of paternoster believes that this transaction would create an excellent combination to exploit the opportunities in the growing bulk annuity market and enhance the long term security of its policyholders." Rothesay Life has conducted a total of £4.3bn of buy-in, buyout and longevity sw...