Latest news with #Athora
Reuters
9 hours ago
- Business
- Reuters
Apollo Global-backed Athora in talks to buy UK insurer PIC, Sky News says
June 20 (Reuters) - Athora Holding is in talks to buy Pension Insurance Corporation in a deal that could value the UK-based specialist insurer at up to 5 billion pounds ($6.75 billion), Sky News reported on Friday. Pricing, structure and other details about the potential deal remain unclear, the report said. Apollo Global Management-backed Athora is a European savings and retirement services group. Reuters could not independently confirm the news. Apollo (APO.N), opens new tab, PIC and Athora declined to comment. Sky News in late 2023 reported Apollo had explored a bid for PIC. In May last year, Athora abandoned plans to buy a German portfolio of run-off life insurance policies from French insurer AXA ( opens new tab. PIC is owned by a consortium of shareholders including Luxembourg-based Reinet Investments and private equity firm CVC Capital Partners. ($1 = 0.7406 pounds)
Sky News
11 hours ago
- Business
- Sky News
Apollo-backed Athora eyes £5bn deal for Pension Insurance Corporation
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. 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. If successfully completed, the deal - which bankers estimate could be worth between £4bn and £5bn - would represent a landmark transaction in the pension risk transfer market. 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. RSA, the insurer, and British American Tobacco are among the corporate names with which PIC has transacted. It has also signed agreements with Chemring and Qantas. 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. Further details of a potential deal between Athora and PIC, including its pricing and structure, were unclear on Friday. Apollo previously looked at an offer for PIC in 2023, with rival bidders including Carlyle and KKR also emerging. The market for BGL annuities has exploded in recent years as companies seek to offload a variety of pension-related financial risks. PIC recently announced the retirement of its long-serving chief executive, Tracy Blackwell, and has yet to name her successor.
