Reinsurance News
Pension Insurance Corporation
Athora completes acquisition of PIC, plans to relocate headquarters to UK
27th March 2026
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, Read the full article
Hitesh Patel joins Pension Insurance Corporation’s Board
19th March 2026
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has welcomed Hitesh Patel as an independent non-executive director on its Board and the Board of its parent, Pension Insurance Corporation Group Limited (PICG). This announcement follows Athora Holding Ltd’s recently completed acquisition of PICG. Patel will become ... Read the full article
Athora raises €3.5bn to fund approved Pension Insurance Corporation acquisition
6th March 2026
Athora, a European savings and retirement services group, has secured €3.5 billion of common equity commitments from a broad base of investors, with the majority of the proceeds expected to fund the acquisition of Pension Insurance Corporation Group (PICG), alongside remaining equity commitments from Athora’s 2022 capital raise. Athora ... Read the full article
PIC completes £113m buy-in with the Sopra Steria Retirement Benefits Scheme
19th February 2026
PIC, a specialist insurer of defined benefit pension schemes, has completed a £113 million full buy-in with the Steria Management Plan Section of the Sopra Steria Retirement Benefits Scheme, successfully securing the benefits of all 355 Section members. Sopra Steria is a European technology company operating in nearly 30 countries and ... Read the full article
PIC closes £155m buy-in for Vistry’s Final Salary Pension Schemes
11th February 2026
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has completed a £155 million buy-in with the Trustee of Vistry’s Final Salary Pension Schemes, covering the pensions of 1,671 members. The transaction covers the Bovis Homes Pension Scheme, Galliford Try Final Salary Pension Scheme, and Kendall Cross ... Read the full article
PIC concludes £6.6m buy-in for Primula Limited Pension Scheme
29th January 2026
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has completed a £6.6 million buy-in for the Primula Limited Pension Scheme, securing benefits for all 74 Scheme members. Primula, known as one of the world’s first cheese spreads, recently celebrated its 100-year anniversary. The brand is now ... Read the full article
PIC concludes £37.5m buy-in with Dr. Martens Airwair Group Pension Plan
20th January 2026
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has concluded a £37.5 million buy-in with the Dr. Martens Airwair Group Pension Plan of the iconic British footwear brand founded in Northamptonshire, England, covering the 455 plan members. Paul Black of Pi Partnership, Chair of Trustees for ... Read the full article
PIC concludes £213m full buy-in for Siemens Healthineers UK benefit scheme
14th January 2026
Specialist insurer PIC has completed a £213 million full buy-in with the Trustees of The Siemens Healthineers Benefits Scheme in the United Kingdom, securing the benefits of 703 pensioners and 967 deferred members and dependants. Siemens Healthineers supplies healthcare equipment and services, including imaging, diagnostics, cancer care, and minimally invasive therapies, ... Read the full article
PIC and NG Bailey complete £155m pension buy-in
9th January 2026
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, completed a £155 million buy-in with the Trustee of NG Bailey Pension and Life Assurance Plan. With this transaction the benefits of 1,581 Plan members are ensured and are now secured for the long-term. The final agreement follows a ... Read the full article
PIC completes £230m buy-in with Peel Ports Final Salary Pension Scheme
22nd December 2025
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has concluded a £230 million buy-in with the Trustee of the Peel Ports Final Salary Pension Scheme. As one of the UK’s largest port operators, Peel Ports Group handles over 70 million tonnes of global cargo for its ... Read the full article
PIC names Dom Veney Interim CEO as Tracy Blackwell retires
20th November 2025
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension schemes, has appointed Dom Veney, its Chief Financial Officer, as Interim Chief Executive Officer, effective 31 December 2025. The Board of Directors began a formal search for a permanent CEO in February 2025, following Tracy Blackwell's announcement of her intention ... Read the full article
PIC concludes £36m buy-in with Helaba Pension and Life Assurance Plan
12th August 2025
Pension Insurance Corporation, a specialist insurer of defined benefit pension schemes, has concluded a £36 million buy-in with the Helaba (London) Pension and Life Assurance Plan, covering the pensions of all 156 members. Helaba Group is a commercial bank, central bank and partner to the German Sparkassen, as well as a ... Read the full article
Athora to acquire Pension Insurance Corporation for £5.7bn
3rd July 2025
Pan-European savings and retirement services group, Athora, has reached an agreement to acquire Pension Insurance Corporation Group Limited, the parent of Pension Insurance Corporation plc, a specialist insurer of UK defined benefit pension schemes, for approximately £5.7 billion. Athora has €76 billion of assets under management and administration, on behalf of ... Read the full article
PIC secures £900m in buy-in transactions for Three Baker Hughes pension schemes
26th June 2025
Pension Insurance Corporation plc (“PIC”), a provider of insurance solutions for defined benefit pension schemes, has arranged buy-in transactions with three pension plans associated with Baker Hughes (“the Company”): the Baker Hughes (UK) Pension Plan, the Brush Group Pension Scheme, and the Pipeline Integrity International (PII) Group Pension Scheme. Completed at ... Read the full article
Apollo’s Athora in talks to acquire PIC, reports Sky News
20th June 2025
Athora, a savings & retirement services firm in Europe established by Apollo Global Management, is in talks to acquire Pension Insurance Corporation (PIC), according to Sky News. While spokespeople for Apollo and PIC reportedly declined to comment, Sky News noted that the £4–£5 billion deal, if completed, would represent a landmark ... Read the full article
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