Pension Insurance Corporation has restructured its board to include the director of £400m investor Reinet, while founder Edmund Truell will leave the firm.
Earlier this year Pension Corp announced Luxembourg investor Reinet would invest £400m in the firm, taking its value almost up to £1bn (PP Online 4 July).
With the transaction now complete, PIC will restructure its board to appoint Eloy Michotte, director of Reinet Fund Manager SA.
Truell, founder and previously a director, will leave the firm to "concentrate on other projects". Truell told PP's sister title Post he is negotiating with motor insurer Equity, and that he is keen to have a motor insurer by January to partner with telematics firm Lysanda, which he owns a stake in through his investment firm Tungsten.
Other appointments to the board are Bill Winters, founder of Renshaw Bay; Harriet Maunsell, former chair of the Occupational Pensions Regulatory Authority; and Chris McKechnie, managing director for principal investments at Swiss Re.
Sir Martin Jacomb and Bob Scott will both retire from the board. Graham Cooper, previously a director, will leave the board but remain with the firm to develop its longevity reinsurance capabilities.
The investment will be used to help PIC's growth in the defined benefit buyout and buy-in market. The firm wrote £1.1bn of new business in 2012, including deals for Gartmore (PP Online 2 May), Aon Minet (9 July) and, in the largest bulk annuity transaction of the year, for Cookson (19 July).
PIC chairman Sir Mark Weinberg thanked the outgoing board members and welcomed the new team.
He added: "It is a rare business which is able to raise this amount of money in the current market conditions. This investment represents a significant vote of confidence in PIC's management team and its focus on putting the customer at the heart of everything that we do."
The government has confirmed the current interim chairwoman of The Pensions Ombudsman (TPO), Caroline Rookes, will continue the role in a permanent capacity.
Aviva Life & Pensions has concluded an £875m buy-in with its own staff pension scheme, following on from a similar transaction last year.
The Pensions Management Institute (PMI) has appointed three non-executive directors and an executive director to its board.
Former Financial Regulators Complaints Commissioner Antony Townsend is to become chair of an expanded Determinations Panel at The Pensions Regulator (TPR).