CREATE TABLE master.parties
(
  party_key serial NOT NULL,
  name text,
  date_of_birth date,
  phone text,
  CONSTRAINT "PK_master_parties" PRIMARY KEY (party_key)
)

CREATE TABLE corporate.parties
(
  corp_key integer,
  corp_role text
) INHERITS (master.parties)

WITH deleted AS (
  DELETE FROM ONLY master.parties
  WHERE party_key = 1
  returning *
)
INSERT INTO corporate.parties (name, date_of_birth, phone, corp_key, corp_role)
SELECT name, date_of_birth, phone, 2, 'President'
from deleted;