U.K.-based pension insurer Rothesay Life PLC concluded a full £255 million buy-in transaction with the ESAB Group (UK) Ltd. Pension & Life Assurance Scheme.

Rothesay insured the defined liabilities of the scheme as part of the bulk annuity transaction, which was completed in early August 2019. The buy-in is expected to move to a buyout in the future and the scheme will be wound up.

The policy covers all 900 members of the scheme, including 220 deferred members. The scheme's members accrued pension benefits while employed within the ESAB Group.

Mercer and Pinsent Masons advised the trustee of the scheme, while Rothesay Life was advised by Linklaters.