Athora to Acquire Pension Insurance Corporation Group for £5.7 Billion

July 3, 2025

Athora has agreed to acquire Pension Insurance Corporation Group Limited (PICG), the parent of Pension Insurance Corporation plc, for approximately £5.7 billion. The deal will make PIC the UK insurance business of Athora, with PIC expected to close in early 2026 pending regulatory approval.

Buyers
Athora Holding Limited
Targets
Pension Insurance Corporation Group Limited (PICG)
Sellers
Reinet Fund S.C.A., F.I.S., ADIA subsidiary (wholly owned subsidiary of Abu Dhabi Investment Authority), CVC Capital Partners, HPS Investment Partners, Employees and other shareholders (around 4%)
Industry
Insurance
Location
United Kingdom
Transaction Type
Buyout

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