Goldman Sachs Group Inc. completed the sale of its entire shareholding in U.K.-based insurer Rothesay Life Plc to funds managed or advised by Blackstone Group LP's tactical opportunities business, Singaporean sovereign wealth fund GIC Pvt. Ltd. and Massachusetts Mutual Life Insurance Co.

The deal sees GIC and Blackstone become the joint largest shareholders in Rothesay Life, while MassMutual will increase its stake in the insurer substantially.

Goldman Sachs, which had owned 33% of Rothesay Life, will no longer hold any interest in the company, which it founded in 2007, but will continue to have a close relationship with it, Rothesay Life said.