Wilton Re has made an investment in Clara Pensions to support the consolidator’s growth and development.
The reinsurer will join global investment firm Sixth Street, which pledged up to £500m of capital backing to Clara in 2018, as a capital partner in the consolidator.
Clara said Wilton's reinsurance expertise and its long-term investment horizon made it a strong additional partner for Clara's business.
Commenting on the deal, Clara Pensions chief executive Adam Saron said: "Wilton Re's investment represents a clear vote of confidence in consolidation, The Pension Regulator's (TPR) regulatory regime and Clara's member-first model.
"With the combined support of Sixth Street and Wilton Re, now more than ever, I am confident that Clara has the resources required to support members on their journey to buyout. We look forward to completing TPR's rigorous assessment and welcoming our first members."
Wilton Re chairman Chris Stroup added: "We have tremendous respect for the work that Adam and his team and Sixth Street have completed thus far in preparing Clara to succeed. We're delighted to invest in Clara's member-first model and look forward to working further with the Clara team alongside Sixth Street."
The closing for Wilton Re's initial capital funding is subject to customary antitrust approvals and is anticipated to occur in the fourth quarter of 2020.
Clara were advised in this transaction by Houlihan Lokey.
Fewer than half of asset managers assess gender diversity as part of their investment analysis, latest research by Redington reveals.
Thirteen recommendations for the Money and Pensions Service (Maps) have been laid out in an independent report to address the “urgent” financial wellbeing implications of the coronavirus pandemic on Britons.
The Pensions Regulator (TPR) has launched its 15-year corporate strategy in the form of a discussion paper, revealing protecting the future financial wellbeing of savers will sit at the heart of its work.
This week’s top stories included a warning from Lincoln Pensions on the “triple whammy” faced by sponsor covenants, while MPs called for further input on the Pension Schemes Bill.
With a recent rise in the number of smaller schemes undertaking bulk annuity transactions, Charlotte Quarmby sets out why now might be the right time for smaller pension schemes looking to de-risk.