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 moment in the industry, given PIC’s role in insuring liabilities for major firms such as RSA and BAT.
PIC, which helps trustees of defined benefit pension schemes secure their members’ pensions, had a portfolio of £50.9 billion as of December 2024, with 397,100 policyholders.
Earlier this year, PIC completed a second £540 million buy-in with the Trustee of the C&J Clark Pension Fund, covering both the CJC and Flexible Sections, and announced a series of new board appointments.
Apollo, a global alternative asset manager with approximately $751 billion in assets under management as of December 2024, co-founded Athora alongside Athene Holding Ltd., a retirement services company.
Athora was initially a subsidiary of Athene before being deconsolidated in 2018. While Athene retains a minority interest in Athora and board representation, it became a wholly-owned subsidiary of Apollo following a merger in 2022.
Through these interconnected relationships, Apollo provides Athora with both strategic investment expertise and operational support, enabling Athora to build an insurance platform tailored to European market needs.
As Reinsurance News understands, this background underscores the significance of the potential PIC acquisition within the broader context of Apollo’s expanding footprint in retirement services.
The post Apollo’s Athora in talks to acquire PIC, reports Sky News appeared first on ReinsuranceNe.ws.