British American Tobacco agrees £400m buy-in with PIC

The buy-in follows a £3.4bn transaction between the two in 2019

Hope William-Smith
clock • 2 min read
PIC head of business development Mitul Magudia
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PIC head of business development Mitul Magudia

The British American Tobacco (BAT) UK Pension Fund has completed a £400m buy-in with Pension Insurance Corporation (PIC) to bring the total liabilities it has insured by the insurer to £3.8bn.

The transaction follows an initial buy-in covering £3.4bn of liabilities in May 2019 — PIC's largest to date. Three quarters of the liabilities insured in BAT's deal with PIC today (29 July) relate...

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