Athora, a European savings and retirement services group, has completed its acquisition of Pension Insurance Corporation Group Limited, including its wholly owned subsidiary, Pension Insurance Corporation plc (PIC).
The acquisition was first announced in July 2025, with Athora agreeing to acquire PIC for approximately £5.7 billion. Earlier this month, Athora secured €3.5 billion in common equity commitments from a broad base of investors, with most of the proceeds expected to fund the acquisition.
The deal marks Athora’s entry into the UK market, creating one of Europe’s largest savings and retirement services groups, with €139 billion in Assets under Management and Administration (AuMA) and serving 3.1 million policyholders.
PIC becomes Athora’s UK insurance business and will continue operating under its existing brand while benefiting from Athora’s capabilities. PIC has a portfolio of £54.8 billion in assets, representing around 45% of Athora’s AuMA. It serves nearly 450,000 policyholders, to whom it has paid over £19 billion in pensions.
The acquisition provides PIC with access to increased long-term growth capital and expanded asset origination capabilities, particularly in private investment-grade credit, through Athora’s strategic partnership with Apollo.
Athora expects PIC’s addition to accelerate investment in high-quality assets, securing the pensions of more defined benefit pension scheme members over the long term.
Athora also announced plans to relocate its corporate and legal headquarters from Bermuda to the UK by late 2027, subject to regulatory approvals. This will involve transferring Athora’s business to a new public limited company incorporated in England and Wales, which will serve as its new holding company.
During the transition, the Bermuda Monetary Authority will remain the Group supervisor. Athora will also comply with PRA group supervision requirements on a modified basis. Upon completion, the PRA is expected to become Athora’s Group supervisor.
Athora said the relocation represents a significant investment in the UK economy and reinforces London’s role as a centre for insurance and financial services, with London set to become Athora’s corporate headquarters.
Mike Wells, Group Chief Executive Officer of Athora, commented, “We are delighted to welcome PIC into the Athora family as our UK insurance business. 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.”
Bruce Hemphill, Chair of the Athora Holding Ltd. Board of Directors, 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.”
Dom Veney, Interim Chief Executive Officer of PIC, 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.”
