1 Min Read
NEW YORK (Reuters) - Goldman Sachs Group Inc (GS.N) plans to sell a majority stake in its European insurance business over the next year, according to a regulatory filing on Thursday.
The UK-based life insurer, Rothesay Life, was established in 2007 and is run by Goldman partner Addy Loudiadis, according to its website.
As of June, Rothesay had $9.66 billion in assets, Goldman said in a quarterly filing with the U.S. Securities and Exchange Commission. Last year, the company earned a pretax operating profit of 266 million pounds ($430 million).
Goldman sold 80 percent of another insurance business it owned, reinsurer Global Atlantic Financial Group, earlier this year because of the way new capital rules would treat its ownership of the business. The sale boosted Goldman's Tier 1 common capital ratio under Basel 3 rules by half a percentage point, Chief Executive Harvey Schwartz said last month.
Reporting by Lauren Tara LaCapra; Editing by Steve Orlofsky