CVC, Reinet and ADIA completed the $975m investment in Pension Insurance.

Investment firms CVC, Reinet and ADIA completed the $975m investment in Pension Insurance, a specialist insurer of defined benefit pension schemes. Reinet invested $550m and now has a 46.4% stake in PIC, ADIA's subsidiary Luxinva invested $215m and to own an 18% stake, CVC invested $163m and now has a 17% shareholding. 60% of the raised capital is available as of date of completion, while the remaining 40% can be requested before 26 January, 2021. "The money we have just raised from our long-term, supportive shareholders will allow us to help increased numbers of defined benefit pension scheme trustees move their risks to a specialist insurer, guaranteeing their members' benefits for life. The Company is financially strong, has a reputation for excellent customer service, and is operating in a huge growth market. This significant investment by our existing shareholders is a vote of confidence in our growth plans," Tracy Blackwell, PIC CEO.