A former subsidiary of Goldman Sachs, it is owned by Singaporean sovereign wealth fund GIC and American insurer MassMutual.

[1][2] Rothesay principally insures the liabilities and risks of companies' defined benefit pension schemes, transactions known as "bulk purchase annuities" (BPA).

Its first transaction was a buy-out of Rank Group's £700 million pension scheme, in 2008.

[5] In 2019, Rothesay entered into an agreement with Prudential to take on its £12 billion annuity business.

[7] In 2024, Rothesay acquired Scottish Widows's £6 billion bulk annuity portfolio.