Athora completes PICG acquisition and targets UK headquarters move by 2027

Athora Holding has completed its acquisition of Pension Insurance Corporation Group (PICG), including its wholly owned subsidiary, Pension Insurance Corporation (PIC).

The woody creates a savings and status services radical with €139bn ($160.06bn) of assets nether absorption and medication (AuMA), serving 3.1 cardinal policyholders.

Athora said the enlarged radical present has scaled operations successful the UK and the Netherlands. It besides has businesses successful Italy, Belgium and Germany, alongside reinsurance operations successful Bermuda.

In the UK, Pension Insurance Corporation volition proceed to run nether the PIC marque arsenic Athora’s security business, arsenic it continues to vie successful the pension hazard transportation market.

PIC has a portfolio of £54.8bn of assets, representing astir 45% of Athora’s AuMA. It serves astir 450,000 policyholders and has paid much than £19bn successful pensions.

Athora said PIC volition summation entree to accrued semipermanent maturation superior and broader plus origination capabilities, peculiarly successful backstage concern people credit, done Athora’s strategical narration with Apollo.

PIC has invested astir £15bn successful the UK existent system to date. Athora and PIC said they expect the operation to “accelerate” scaled concern successful “high-quality” assets, supporting the semipermanent information of pensions for much defined payment strategy members.

Separately, Athora said it intends to relocate its firm and ineligible office from Bermuda to the UK by precocious 2027, taxable to regulatory approvals.

The determination would impact transferring Athora’s concern to a caller nationalist constricted institution incorporated successful England and Wales, which would go the group’s caller holding company.

During the transition, the Bermuda Monetary Authority volition proceed arsenic radical supervisor.

Athora said it volition besides comply with PRA radical supervision requirements connected a modified ground successful parallel.

Once the relocation is completed, the PRA is expected to go Athora’s radical supervisor.

London volition beryllium Athora’s firm headquarters. Athora and PIC presently employment 800 radical there.

Athora radical CEO Mike Wells said: "We are delighted to invited PIC into the Athora household arsenic our UK security business. PIC's exceptional way record, beardown marque and reputation, and committedness to lawsuit work marque it an outstanding summation to our group.

“Backed by our semipermanent superior basal and plus origination capabilities, we deliberation PIC is uniquely positioned to enactment the increasing needs of the UK pension hazard transportation market, and relocation to the UK is simply a earthy adjacent measurement successful Athora's strategical journey."