Dom Veney: With Athora's support we can invest more in the UK economy, provide innovative solutions for more trustees and sponsors, and maintain the very high levels of customer service for which PIC is known
Athora Holding has completed its acquisition of Pension Insurance Corporation Group (PICG).
The announcement comes after Athora agreed to buy PICG, the ultimate parent company of Pension Insurance Corporation (PIC), for approximately £5.7bn in July last year.
Athora – is a pan-European savings and retirement services group – has existing insurance businesses in the Netherlands, Italy, Belgium and Germany, alongside reinsurance operations in Bermuda.
Athora said that, as its UK insurance business, PIC would continue to operate under its current brand as it continues to grow and compete in the pension risk transfer market.
PIC currently has a portfolio of £54.8bn of assets, representing approximately 45% of Athora's assets under management and administration. It currently serves nearly 450,000 policyholders.
Athora said that, under its ownership, PIC will gain access to "increased long-term growth capital and expanded asset origination capabilities" especially in private investment grade credit, through Athora's strategic relationship with Apollo.
Athora said it also planned to relocate its headquarters to the UK, from Bermuda, by late 2027, subject to regulatory approvals.
It said this process will include the transfer of Athora's business to a new public limited company incorporated in England and Wales as the new holding company of the group.
Athora said that, during this transitional phase, the Bermuda Monetary Authority would continue as the group supervisor but said Athora will comply with Prudential Regulatory Authority (PRA) group supervision requirements on a modified basis in parallel.
Upon completion of the relocation process, it said it is expected that the PRA will become Athora's Group supervisor.
Commenting on the PIC acquisition and planned relocation, Athora group chief executive Mike Wells said: "PIC's exceptional track record, strong brand and reputation, and commitment to customer service make it an outstanding addition to our group. Backed by our long-term capital base and asset origination capabilities, we think PIC is uniquely positioned to support the growing needs of the UK pension risk transfer market, and relocation to the UK is a natural next step in Athora's strategic journey."
Athora holding board chair Bruce Hemphill added: "Establishing our headquarters in the UK, following the PIC acquisition, is a significant milestone for Athora and reinforces our long-term growth ambitions. The board remains committed to strong governance, disciplined execution, and effective oversight on behalf of our shareholders."
PIC interim chief executive Dom Veney said: "Joining Athora is the beginning of an exciting new chapter for PIC. With Athora's support we can invest more in the UK economy, provide innovative solutions for more trustees and sponsors, and maintain the very high levels of customer service for which PIC is known. Athora's commitment is validation of our strategy, people, and purpose."
