💼 Athora to Acquire Pension Insurance Corporation in Landmark £5.7 Billion Deal

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London, 6 July 2025 – European savings and retirement services group Athora, backed by Apollo Global Management, has agreed to acquire Pension Insurance Corporation Group (PICG) for approximately £5.7 billion, marking one of the largest transactions in the UK’s pension risk transfer market.

The deal will see PICG, the parent of Pension Insurance Corporation (PIC)—a leading specialist in managing defined benefit pension schemes—become Athora’s UK insurance subsidiary, operating under the existing PIC brand. The acquisition consolidates PIC’s ownership under a single strategic investor for the first time in its 20-year history.

📊 Strategic Impact and Market Position

The combined group will manage over €130 billion in assets, supporting the pensions of more than three million people across Europe. PIC alone backs £50.9 billion in pension liabilities for 400,000 UK policyholders, with £13.8 billion invested in UK housing and infrastructure.

“PIC has had an amazing growth story over the past two decades and is now one of Britain’s preeminent pension businesses,” said Tracy Blackwell, PIC’s outgoing CEO.

Athora, headquartered in Bermuda, operates insurance businesses in Germany, Belgium, Italy, and the Netherlands, and is expanding its footprint in the UK through this acquisition. The group is supported by long-term institutional investors, including Apollo, Athene Holding, and a subsidiary of the Abu Dhabi Investment Authority (ADIA).

🔄 Shareholder Exit and Transaction Details

The deal facilitates a full exit for PIC’s existing shareholders:

• Reinet Fund S.C.A., holding 49.5%
• ADIA subsidiary, with 18.4%
• CVC Capital Partners, with 17.4%
• HPS Investment Partners, with 10.2%
• PIC employees and other minority shareholders hold the remaining 4%

Reinet confirmed the sale in a statement, noting the transaction values PICG’s share capital at £5.7 billion, expected to rise to £5.9 billion by closing, accounting for dividends.

📅 Next Steps

The acquisition is subject to regulatory approvals and is expected to close in early 2026. Upon completion, PIC will benefit from Athora’s long-term growth capital and asset origination capabilities, particularly in private investment-grade credit, enhancing its ability to offer competitive pricing in future pension risk transfer deals.

For more information on this M&A, see PIC’s official announcement, Sky News’ coverage, and Luxembourg Times’ report.