Athora completes PICG acquisition and targets UK headquarters move by 2027

Athora Holding has completed its acquisition of Pension Insurance Corporation Group (PICG), including its wholly owned subsidiary, Pension Insurance Corporation (PIC).

The deal creates a savings and retirement services group with €139bn ($160.06bn) of assets under management and administration (AuMA), serving 3.1 million policyholders.

Athora said the enlarged group now has scaled operations in the UK and the Netherlands. It also has businesses in Italy, Belgium and Germany, alongside reinsurance operations in Bermuda.

In the UK, Pension Insurance Corporation will continue to operate under the PIC brand as Athora’s insurance business, as it continues to compete in the pension risk transfer market.

PIC has a portfolio of £54.8bn of assets, representing around 45% of Athora’s AuMA. It serves nearly 450,000 policyholders and has paid more than £19bn in pensions.

Athora said PIC will gain access to increased long-term growth capital and broader asset origination capabilities, particularly in private investment grade credit, through Athora’s strategic relationship with Apollo.

PIC has invested approximately £15bn in the UK real economy to date. Athora and PIC said they expect the combination to “accelerate” scaled investment in “high-quality” assets, supporting the long-term security of pensions for more defined benefit scheme members.

Separately, Athora said it intends to relocate its corporate and legal headquarters from Bermuda to the UK by late 2027, subject to regulatory approvals.

The move would involve transferring Athora’s business to a new public limited company incorporated in England and Wales, which would become the group’s new holding company.

During the transition, the Bermuda Monetary Authority will continue as group supervisor.

Athora said it will also comply with PRA group supervision requirements on a modified basis in parallel.

Once the relocation is completed, the PRA is expected to become Athora’s group supervisor.

London will be Athora’s corporate headquarters. Athora and PIC currently employ 800 people there.

Athora group CEO Mike Wells said: “We are delighted to welcome PIC into the Athora family as our UK insurance business. PIC’s exceptional track record, strong brand and reputation, and commitment to customer service make it an outstanding addition to our group.

“Backed by our long-term capital base and asset origination capabilities, we think PIC is uniquely positioned to support the growing needs of the UK pension risk transfer market, and relocation to the UK is a natural next step in Athora’s strategic journey.”

PIC interim CEO Dom Veney added: “Joining Athora is the beginning of an exciting new chapter for PIC.

“With Athora’s support we can invest more in the UK economy, provide innovative solutions for more trustees and sponsors, and maintain the very high levels of customer service for which PIC is known.

“Athora’s commitment is validation of our strategy, people, and purpose.”