Pan-European savings and retirement services group Athora has plans to acquire Pension Insurance Corp. Group (PICG), the parent company of Pension Insurance Corp. (PIC), for £5.7 billion ($7.7 billion).
PIC, a specialist insurer of U.K. defined benefit pension schemes, has a portfolio of £50.9 billion ($69.4 billion), with £30 billion ($69 billion) invested in the United Kingdom. It has invested £13.8 billion ($19 billion) in U.K. housing and infrastructure to date, which help provide secure, inflation-linked cash flows. For the first time in its 20-year history, PIC will be held by a single strategic owner, thanks to the transaction. Following the transaction, PIC will become the U.K. insurance business of Athora and represent 45 percent of Athora’s total assets under management and administration.
With €76 billion ($104 billion) of assets under management and administration, Athora has existing insurance businesses in the Netherlands, Italy, Belgium and Germa
