{"id":178767,"date":"2025-07-03T17:16:37","date_gmt":"2025-07-03T16:16:37","guid":{"rendered":"https:\/\/www.reinsurancene.ws\/?p=178767"},"modified":"2025-07-03T21:59:18","modified_gmt":"2025-07-03T20:59:18","slug":"athora-to-acquire-pension-insurance-corporation-for-5-7bn","status":"publish","type":"post","link":"https:\/\/www.reinsurancene.ws\/athora-to-acquire-pension-insurance-corporation-for-5-7bn\/","title":{"rendered":"Athora to acquire Pension Insurance Corporation for \u00a35.7bn"},"content":{"rendered":"

Pan-European savings and retirement services group, Athora, has reached an agreement to acquire Pension Insurance Corporation Group Limited, the parent of Pension Insurance Corporation plc, a specialist insurer of UK defined benefit pension schemes, for approximately \u00a35.7 billion.<\/p>\n

\"athora-pic-merger\"Athora has \u20ac76 billion of assets under management and administration, on behalf of 2.8 million policyholders, and PIC has a portfolio of \u00a350.9 billion backing the pensions of 4000,000 individuals.<\/p>\n

The transaction creates a Group with assets of more than \u20ac130 billion, backing the pensions of over 3 million savers and retirees across Europe. Once completed, PIC will be 45% of Athora’s total assets under management and administration, becoming the largest and fastest growing business in the Group.<\/p>\n

Once the transaction has been finalised, it will be the first time in its 20-year history that PIC will be held by a single strategic owner. The company is set to become the UK insurance business of Athora and continue operating under the PIC (and penguin) brand.<\/p>\n

Athora has existing insurance businesses in the Netherlands, Italy, Belgium and Germany, and is backed by permanent capital owners, including a strategic minority investment by Apollo Global Management and Athene Holding Limited, and long-term institutional investors including a wholly owned subsidiary of the Abu Dhabi Investment Authority.<\/p>

\"Artemis<\/a><\/div><\/div>\n

PIC states that this acquisition reinforces its strategy of providing “very high customer service levels” and also increases its ability to invest in UK housing and infrastructure as Athora supports PIC through the next phase of its growth. Ultimately, this enables PIC to provide its best pricing across a larger number of pension risk transfer deals.<\/p>\n

The insurer has \u00a330 billion invested in the UK, and to date, has invested \u00a313.8 billion in UK housing and infrastructure, which help provide the “secure, inflation-linked cashflows” which match its pension liabilities over future years. PIC reports that it has so far paid more than \u00a316 billion in pensions, with an impressive 99% customer satisfaction rating. Last year, PIC signed \u00a38.1 billion of new business.<\/p>\n

Pension Insurance Corporation Group’s current shareholders are Reinet Fund S.C.A., F.I.S., which holds 49.5% of the issued shares, a wholly owned subsidiary of ADIA, with 18.4% of the issued shares, funds managed by CVC Capital Partners, with 17.4%, and funds managed by HPS Investment Partners with 10.2%, as well as employees and other shareholders, who hold around 4% of the issued shares.<\/p>\n

The transaction remains subject to regulatory approval and is expected to close in early 2026.<\/p>\n

Tracy Blackwell, Chief Executive Officer (CEO) of PIC, commented: “PIC has had an amazing growth story over the past two decades and is now one of Britain’s preeminent pension businesses. This success has been based on a simple purpose, which is to pay the pensions of our current and future policyholders. Athora\u2019s investment is validation of what we have always believed: that PIC\u2019s reputation, strategy, fortress balance sheet, purpose, and most importantly our people combine to make this a unique business in a huge and growing market.<\/p>\n

“With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in UK housing and infrastructure. The pension risk transfer market is vital to the wellbeing of millions of UK pensioners and the allocation of tens of billions of pounds of investment into the UK\u2019s economy. This acquisition and the potential for growth that it represents is the strongest possible recognition of the value and importance of the pension risk transfer market, the sector that PIC helped to create and continues to lead.<\/p>\n

“Finally, I want to thank our exiting shareholders who have been absolutely brilliant in getting us to this point. I very much look to the next chapter in PIC\u2019s story.”<\/p>\n

Mike Wells, CEO of Athora, added: “We are delighted to have agreed this transaction. We have followed PIC\u2019s progress for several years and been consistently impressed by the very high- quality business the PIC team has built. As our UK subsidiary, PIC will be the largest business within the Athora Group and we intend to invest in the business and its people to support that growth in the UK pension risk transfer market. We have great confidence in the long-term strengths of the UK: its retirement market, regulatory and policy framework, and economic prospects.”<\/p>\n

“As a shareholder in PICG since 2018, our investment supported the growth of the company as it strengthened its position as one of the leading players in the UK pension risk transfer market. Following this transaction, we will maintain exposure to the company via our existing shareholding in Athora, and believe that PIC has strong prospects for the future. We wish the company continued success as part of Athora,” said Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA.<\/p>\n

Peter Rutland, Managing Partner at CVC, commented: “We are pleased to have utilised the longer duration capital of CVC\u2019s Strategic Opportunities platform to partner with the team at PIC over the past eight years, during which time the company has scaled substantially and firmly established itself as a leading player in the UK pension insurance market. We wish the company every continued success under Athora\u2019s ownership.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Pan-European savings and retirement services group, Athora, has reached an agreement to acquire Pension Insurance Corporation Group Limited, the parent of Pension Insurance Corporation plc, a specialist insurer of UK defined benefit pension schemes, for approximately \u00a35.7 billion. Athora has \u20ac76 billion of assets under management and administration, on behalf of 2.8 million policyholders, and […]<\/p>\n","protected":false},"author":3,"featured_media":178770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[3545,40,39,839],"class_list":["post-178767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-athora","tag-ma","tag-merger-acquisition","tag-pension-insurance-corporation"],"acf":[],"yoast_head":"\nAthora 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