Athora has completed its acquisition of Pension Insurance Corporation Group Limited, including its wholly owned subsidiary, Pension Insurance Corporation.
Pension Insurance Corporation will continue to operate under the PIC brand as it continues to grow and compete in the UK’s pension risk transfer market. PIC has a portfolio of £54.8bn of assets and serves nearly 450,000 policyholders.
“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,” said Mike Wells, Group Chief Executive Officer of Athora.
“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,” added Dom Veney, Interim Chief Executive Officer of PIC.
Athora also plans to relocate its corporate and legal headquarters from Bermuda to the UK by late 2027, subject to regulatory approvals. This process will include the transfer of Athora’s business to a new public limited company incorporated in England and Wales as the new holding company of the Group.
“Establishing our headquarters in the UK, following the PIC acquisition, is a significant milestone for Athora and reinforces our long-term growth ambitions. The Board remains committed to strong governance, disciplined execution, and effective oversight on behalf of our shareholders,” said Bruce Hemphill, Chair of the Athora Holding Ltd. Board of Directors.
