A savings and retirement services group backed by Apollo Global Management is plotting a multibillion pound takeover of Pension Insurance Corporation (PIC), one of the City’s biggest specialist insurers.<\/p>\n
Sky News has learnt that Athora, which was established by Apollo, the US-based alternative investments giant, is in talks to acquire control of PIC.<\/p>\n
If successfully completed, the deal – which bankers estimate could be worth between \u00a34bn and \u00a35bn – would represent a landmark transaction in the pension risk transfer market.<\/p>\n
Money latest: The sunscreens failing safety tests<\/a><\/strong><\/p>\n Companies such as PIC, Legal & General and Rothesay take over companies’ defined benefit pension schemes and the assets behind them, and have grown significantly in the last decade.<\/p>\n RSA, the insurer, and British American Tobacco are among the corporate names with which PIC has transacted.<\/p>\n It has also signed agreements with Chemring and Qantas.<\/p>\n PIC’s shareholders include CVC Capital Partners, BlackRock-owned HPS, a subsidiary of the Abu Dhabi Investment Authority and Reinet, a vehicle created from the restructuring of luxury goods group Richemont.<\/p>\n Further details of a potential deal between Athora and PIC, including its pricing and structure, were unclear on Friday.<\/p>\n Apollo previously looked at an offer for PIC in 2023, with rival bidders including Carlyle and KKR also emerging.<\/p>\n Read more from Sky News:<\/strong>
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