Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has announced that Mitul Magudia has been promoted to Deputy Chief Origination Officer, from Head of Business Development, and will join PIC’s Executive Committee as Co-Chief Origination Officer from January 1, 2024.
Magudia will fully take over from Jay Shah – PIC’s current Chief Origination Officer – who has decided to retire after 15 years with PIC, when he formally steps down at the end of March 2024.
PIC has confirmed that Shah will continue to support the company on a part time basis.
An experienced veteran, Magudia has been with PIC for 15 years. He joined the company as a student actuary and has led many of PIC’s most notable transactions during his tenure so far at the firm.
In a statement released by PIC, it notes that Magudia’s promotion to Exco is a “significant achievement”.
Tracy Blackwell, CEO of PIC, said: “Jay has been with us for 15 years, joining just after we signed our first deal. Under his leadership of the Origination team we have signed almost 260 buyouts and buy-ins with schemes of all shapes and sizes, covering more than £50 billion of pension liabilities, consistently innovating new solutions and breaking industry records for the largest transactions.
“It’s a phenomenal track record and one that we intend to continue, so I very much look forward to working with Mitul in his new role as we grow the business.”
PIC recently concluded a c.£40 million bulk purchase annuity with the Qantas Airways Limited (UK) Retirement Benefits Scheme – the pension scheme of Qantas Airways Limited, as part of a long-term partnership.
