{"id":233176,"date":"2025-07-02T23:02:15","date_gmt":"2025-07-02T23:02:15","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/233176\/"},"modified":"2025-07-02T23:02:15","modified_gmt":"2025-07-02T23:02:15","slug":"apollo-backed-athora-closes-in-on-6bn-pension-insurance-corporation-deal-money-news","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/233176\/","title":{"rendered":"Apollo-backed Athora closes in on \u00a36bn Pension Insurance Corporation deal | Money News"},"content":{"rendered":"<p>A savings and retirement services group backed by Apollo Global Management is closing in on a near-\u00a36bn takeover of Pension Insurance Corporation (PIC), one of the City&#8217;s biggest specialist insurers.<\/p>\n<p>Sky News has learnt that Athora, which is minority-owned by Apollo, the US-based alternative investments giant, is days away from striking a deal to take control of PIC.<\/p>\n<p>City sources said the deal, worth just under \u00a36bn, could be announced as soon as this week.<\/p>\n<p><a href=\"https:\/\/news.sky.com\/story\/money-live-consumer-personal-finance-taste-test-newsletter-latest-sky-news-13040934\" target=\"_blank\" rel=\"noopener\"><strong>Money blog: Millions affected as airline hit by cyber attack<\/strong><\/a><\/p>\n<p>It would represent a landmark transaction in the pension risk transfer market, where insurers such as PIC, Legal &amp; General and Rothesay take on companies&#8217; defined benefit pension schemes and the assets behind them.<\/p>\n<p>RSA, the insurer, and British American Tobacco are among the corporate names with which PIC has transacted.<\/p>\n<p>It has also signed agreements with Chemring and Qantas.<\/p>\n<p>PIC&#8217;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<p>Reinet, which owns 49.5% of PIC, issued a statement late last week confirming it was in talks to sell its stake but without naming the potential acquirer.<\/p>\n<p>Apollo previously looked at an offer for PIC in 2023, with rival bidders including Carlyle and KKR also emerging.<\/p>\n<p>                    <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/05\/skynews-yalda-world-podcast_6914107.png\" alt=\"Follow The World\" class=\"sdc-article-strapline__image\"\/><\/p>\n<p>                Follow The World<\/p>\n<p class=\"sdc-article-strapline__text\">Listen to The World with Richard Engel and Yalda Hakim every Wednesday<\/p>\n<p>                <a href=\"https:\/\/podfollow.com\/the-world-with-richard-and-yalda\" class=\"sdc-article-strapline__button\" target=\"_blank\" rel=\"noopener\">Tap to follow<\/a><\/p>\n<p>The market for bulk annuities has exploded in recent years as companies seek to offload a variety of pension-related financial risks.<\/p>\n<p>PIC recently announced the retirement of its long-serving chief executive, Tracy Blackwell, and has yet to name her successor.<\/p>\n<p>     <a href=\"https:\/\/news.sky.com\/download-app\" target=\"blank\" data-tracking-label=\"ui-app-promo-download-link\" class=\"ui-app-promo sdc-article-widget\" data-type=\"\" data-component-name=\"ui-app-promo\" rel=\"noopener\"><\/p>\n<p>    <\/a><\/p>\n<p>Apollo declined to comment, while PIC has been contacted for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"A savings and retirement services group backed by Apollo Global Management is closing in on a near-\u00a36bn takeover&hellip;\n","protected":false},"author":2,"featured_media":200075,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[51,474,2499,16,15],"class_list":{"0":"post-233176","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-personal-finance","11":"tag-uk","12":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114786136548926703","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/233176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=233176"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/233176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/200075"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=233176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=233176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=233176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}