RCS - Rothesay Life PLC - Rothesay CEO appointment

Pernod Ricard SAAnnouncement

08/09/2022 08:15

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RNS Number : 6872Y  Rothesay Life PLC  08 September 2022

8(th) September 2022

Rothesay CEO Addy Loudiadis retires after fifteen years; co-founder and Managing Director Tom Pearce appointed successor

 

·     Ms Loudiadis founded Rothesay in 2007 with co-founder Tom Pearce.
The business has since grown to become the largest specialist pensions insurer
in the UK with Assets Under Management of over £60bn and with a most recent
valuation of £5.75bn.

·     Loudiadis and Pearce's vision for Rothesay was to create a
market-leading business purpose-built to protect pensions. The insurer
currently secures the pensions of over 830,000 people, paying out more than
£230 million in pension payments each month.

·     Loudiadis retires as CEO from today with Pearce taking on the role.
She will continue to serve on Rothesay's Board as Founder Director and will
also continue in her role as a trustee of the Rothesay Foundation.

·     Pearce has been Managing Director since 2007 when he co-founded the
business with Ms Loudiadis and a member of Rothesay's Board since 2016.

The Chairman and Board of Rothesay, the UK's largest pensions insurance
specialist, are pleased to announce the appointment of Tom Pearce as CEO,
taking on the role from Addy Loudiadis as she retires after fifteen years
leading the business. Loudiadis will remain engaged with Rothesay as Founder
Director, a part-time Non-Executive position.

 

Since founding Rothesay in 2007, Loudiadis and Pearce have acted as CEO and
Managing Director respectively, working in close partnership to build the
business into the largest specialist in its sector with Assets Under
Management of over £60bn as at 31st December 2021. Rothesay now protects the
pensions of over 830,000 policyholders, paying out more than £230 million in
pension payments each month.

 

In recent  years, highlights of Loudiadis' leadership include Rothesay
delivering the UK's largest pensions buy-out in history, the £4.7bn
transaction with Telent, the ground-breaking acquisition of a £12bn annuity
book from Prudential and the agreement in 2020 with Rothesay's shareholders,
GIC and Massachusetts Mutual Life Insurance Company ("MassMutual"), to
increase their investment in Rothesay acquiring the interest held by
Blackstone through a transaction which valued the business at £5.75bn.

 

Recently, Loudiadis and Pearce have also led Rothesay's focus on
Environmental, Social and Governance issues, with the insurer publishing its
'Pathway to Net Zero' plan last year. The plan includes Rothesay's commitment
to transition its investment portfolio to net zero greenhouse gas emissions by
2050 and to a 20% reduction in Carbon Intensity by 2025. Rothesay's own
operations are now also carbon neutral.

 

Loudiadis will continue in her role as a trustee of the Rothesay Foundation,
the business' charitable trust. The Foundation recently partnered with Iceland
Foods to launch its 'Summer Cheer' campaign, giving over £2 million worth of
vouchers to pensioners living in need to spend on food and other essentials.

 

Naguib Kheraj, Chairman of Rothesay, said: "On behalf of the Board, I would
like to thank Addy for her exceptional leadership over the past fifteen years.
She has always led from the front and built an entrepreneurial culture which
values excellence, innovation, collaboration and teamwork.  Whilst growing
the business rapidly she has also successfully focused on effective risk
management through volatile markets which included the Global Financial Crisis
and the COVID-19 pandemic. As one of the longest serving CEOs of a UK-based
insurer, we understand the time is now right for Addy to step down as CEO and
we are pleased that she has agreed to stay on as a member of the Board. With
Tom's appointment, Rothesay's future could not be in better hands and we look
forward to supporting him in continuing to grow the business in the years
ahead."

 

Addy Loudiadis, CEO, Rothesay, said: "It has been a huge privilege to lead
Rothesay over the last fifteen years. I could not be prouder of the business
we have built: one which is relentlessly focused on excellence in everything
we do and performing to the highest standards for our policyholders,
shareholders and colleagues. One of the undoubted highlights of building this
business has been working with Tom, who has been both a great colleague and
friend. I look forward to continuing to work with him and supporting
Rothesay's ongoing success in my role on the Board going forward".

 

Tom Pearce, Managing Director, Rothesay, said: "I am delighted to take on the
role of CEO following Addy's outstanding leadership of the business. Since we
founded Rothesay, we have always had a shared vision of creating a modern
insurer which combined scale along with an innovative mindset, and it has been
hugely exciting to work with Addy as we brought that vision to life. Addy has
been a personal inspiration to me along with so many others in our industry
and I look forward to continuing to benefit from her unparalleled insight and
expertise as we continue to deliver on our ambitions for the business."

 

ENDS

Media Contacts

Rothesay: Anthony Marlowe, Head of Communications & Public Affairs

+44 (0)7912 550184 or anthony.marlowe@rothesay.com
(mailto:anthony.marlowe@rothesay.com)

Temple Bar Advisory: Alex Child-Villiers +44 (0)7795 425580, Will Barker +44
(0)7827 960151 or Sam Livingstone +44(0) 7769 655437 or
rothesay@templebaradvisory.com (mailto:rothesay@templebaradvisory.com)

 

Notes to Editors

About Rothesay

Rothesay is the UK's largest pensions insurance specialist, purpose-built to
protect pension schemes and their members' pensions. With over £60 billion of
assets under management, we secure the pensions of over 800,000 people and pay
out, on average, more than £230 million in pension payments each month.

 

Rothesay is dedicated to providing excellence in customer service alongside
prudent underwriting, a conservative investment strategy and the careful
management of risk. We are trusted by some of the UK's best known companies to
provide pension solutions, including the schemes of Allied Domecq, Asda,
British Airways, Cadbury's, the Civil Aviation Authority, National Grid, the
Post Office, Prudential and Telent.

 

Rothesay has two substantial institutional shareholders, GIC and Massachusetts
Mutual Life Insurance Company ("MassMutual"), who provide the company with
long-term support for its growth and development. In September 2020, our
shareholders increased their investment in Rothesay through a transaction
which valued the business at £5.75bn.

 

Rothesay refers to Rothesay Limited and its subsidiaries and is the trading
name for Rothesay Life Plc, an insurance company authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. Firm Reference Number: 466067. Rothesay Life
Plc is registered in England and Wales with company registration number:
06127279 and registered address: Rothesay Life Plc, The Post Building, 100
Museum Street, London WC1A 1PB. Further information is available at
www.rothesay.com (http://www.rothesay.com)

 

 

 

 

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