Athora Holding Ltd. has announced the completion of its acquisition of Pension Insurance Corporation Group Limited (PICG), including its wholly owned subsidiary, Pension Insurance Corporation plc (PIC).
The completion of the deal creates one of the largest savings and retirement services groups in Europe, with €139 billion of assets under management and administration, serving 3.1 million policyholders.
Athora now has scaled operations in the UK and the Netherlands, as well as businesses in Italy, Belgium and Germany, alongside reinsurance operations in Bermuda.
As Athora’s UK insurance business, Pension Insurance Corporation will continue to operate under the PIC brand, as it continues to grow and compete in the pension risk transfer market. PIC has a portfolio of £54.8 billion of assets, representing approximately 45% of Athora’s AuMA. It serves nearly 450,000 policyholders, to whom it has paid more than £19 billion in pensions.
Athora's completion of the PICG acquisition follows a definitive agreement first announced on July 3, 2025, when Athora agreed to acquire PICG from a shareholder consortium for about £5.7 billion. The selling consortium comprised Reinet Fund S.C.A., F.I.S., a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and funds managed by CVC Capital Partners and HPS Investment Partners.
As part of Athora, PIC gains access to increased long-term growth capital and expanded asset origination capabilities especially in private investment grade credit, through Athora’s strategic relationship with Apollo. To date, PIC has invested approximately £15 billion in the UK real economy.
Together, Athora and PIC expect the combination to accelerate scaled investment in high-quality assets, securing the pensions of more defined benefit pension scheme members for the long term.
Athora said it will support PIC in its mission to deliver market leading customer outcomes while expanding its capacity to meet the needs of trustees seeking secure pension risk transfer solutions.
Athora also announced its intention 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.
During this transitional phase, the Bermuda Monetary Authority will continue as the group supervisor and Athora will comply with PRA group supervision requirements on a modified basis in parallel. Upon completion of the relocation process, it is expected that the PRA will become Athora’s Group supervisor.
The relocation of Athora’s headquarters to the UK represents a significant investment in the UK economy and reinforces London’s role as a centre for insurance and financial services. London will serve as Athora’s corporate headquarters, where Athora and PIC currently employ 800 people.
"Backed by out 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 journay," said Mike Wells, group chief executive officer of Athora.
Meanwhile, Dom Veney, interim CEO of PIC, added that through the transaction, the company will now be able to invest more in the UK economy and provide solutions for more trustees and sponsores.
"Athora’s commitment is validation of our strategy, people, and purpose," Veney added.
