Athora, the European insurance group backed by Apollo Global Management, is close to acquiring Pension Insurance Corporation (PIC) in a deal valued at approximately £6bn, according to a report by the Financial Times citing unnamed sources familiar with the matter.
The acquisition would mark a major strategic expansion for Athora into the UK’s £50bn retirement savings market.
PIC, currently owned by a consortium including CVC Capital Partners, Reinet Investments, and the Abu Dhabi Investment Authority, manages pension liabilities for nearly 400,000 policyholders. If completed, the deal would double Athora’s assets and give Apollo increased exposure to the fast-growing UK pension de-risking sector.
The deal would gove Apollo, which already serves as a sub-adviser managing part of Athora’s investment portfolio, indirect oversight of PIC’s assets, and reflects the growing trend of US private equity firms, including KKR, Carlyle, and Brookfield, targeting opportunities in the European and UK life insurance and pensions sectors.
The acquisition would also deliver a strong return for PIC’s current backers, particularly CVC and Reinet, whose combined investments helped drive PIC’s significant growth, including its landmark £6.5bn RSA pension buyout in 2023.
An announcement could come as early as this week, according to sources. Neither PIC, Apollo, nor CVC have commented on the potential transaction.
