Rothesay Life, the pension insurance and bulk annuity specialist, has taken on two thirds of Aegon’s UK annuity book, boosting its assets under management to £20 billion.

The UK company, which was launched by Goldman Sachs in 2007, has taken on £6 billion-worth of Aegon's portfolio, covering 187,000 policyholders. The deal is the third of its type completed by Rothesay and follows a transaction to reinsure £1.2 billion in annuities from Zurich Insurance in 2015.