Athora: Deal signed to buy UK’s Pension Insurance Corporation for £5.7bn

The companies said the deal will grow the PIC’s ability to invest in UK housing and infrastructure.

The UK group is part of a 12-year joint venture, in partnership with the Government’s housing agency, which plans to deliver 3,000 energy efficient homes designed for the rental market.

European savings and retirement group Athora has insurance operations in countries including the Netherlands, Belgium, Germany and Italy.

It is backed by Apollo, a global, New York-based investment group with stakes in firms including parcel giant Evri and Wagamana owner The Restaurant Group.

The takeover means the UK specialist insurer will have a single owner for the first time in its 20-year history, with it currently owned by a group of investors.

The companies also said the tie-up will allow PIC to better price a larger number of pension risk transfer deals, whereby it takes on a part or all of the defined benefit pension schemes of other companies and pays their retirees.

It has recently made large deals with the likes of British shoe retailer Clarks, recruitment giant Hays, and global energy firm TotalEnergies.

The acquisition, which needs to be approved by the regulator, is expected to complete in early 2026.

PIC’s chief executive Tracy Blackwell said: “With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in UK housing and infrastructure.”