Apollo Global-backed Athora to acquire Pension Insurance Corporation Group from Reinet, ADIA, CVC and HPS for £5.7bn.

Apollo Global-backed Athora, a savings and retirement services group, agreed to acquire Pension Insurance Corporation Group, a specialist insurer of UK defined benefit pension schemes, from private equity investors Reinet, ADIA, CVC and HPS Investment Partners, for £5.7bn ($7.8bn). “We are pleased for PICG to become Athora’s first UK insurance business, maintaining its great team, brand and utmost commitment to serving its customers. The acquisition by Athora will enhance access to long-term growth capital and asset origination capabilities, enabling PIC to serve more of the UK savings and retirement market, where it has already established itself as a top three provider in pension risk transfer," Mike Wells, Athora CEO.