European savings and retirement services group Athora has completed the acquisition of Pension Insurance Corporation Group Limited, including its wholly-owned subsidiary Pension Insurance Corporation plc (PIC).
The acquisition was first announced in July 2025, with Athora agreeing to acquire PIC for approximately £5.7 billion. Earlier this month, Athora secured €3.5 billion in common stock commitments from a broad range of investors, with the bulk of the proceeds expected to be used to fund the acquisition.
The transaction marks Athora’s entry into the UK market, creating one of Europe’s largest savings and retirement services groups, with assets under management and administration (AuMA) of €139 billion and servicing 3.1 million policyholders.
PIC becomes Athora’s UK insurance business and will continue to operate under its existing brand while benefiting from Athora’s capabilities. PIC has a £54.8 billion asset portfolio, accounting for approximately 45% of Athora AuMA. It serves nearly 450,000 policyholders and has paid out more than £19 billion in pensions to them.
Through Athora’s strategic partnership with Apollo, the acquisition provides PIC with access to additional long-term growth capital and expanded asset origination capabilities, particularly in private investment grade credit.
Athora expects that the addition of PIC will accelerate investment in high-quality assets and ensure long-term pensions for more defined benefit pension scheme members.
Athora also announced plans to move its corporate and legal headquarters from Bermuda to the UK by the end of 2027, subject to regulatory approval. This will involve the transfer of Athora’s operations to a new public limited company incorporated in England and Wales, which will serve as its new holding company.
During the transition period, the Bermuda Monetary Authority will remain as the group regulator. Athora will also comply with revised PRA Group regulatory requirements. Upon completion, PRA is expected to become Group Director of Athora.
Asola said the move represented a significant investment in the UK economy and strengthened London’s position as a center for insurance and financial services, with London set to become Asola’s corporate headquarters.
Mike Wells, Athora Group Chief Executive, said: “We are delighted to welcome PIC to the Athora family as our UK insurance business. PIC’s outstanding track record, strong brand and reputation and commitment to client service make it an outstanding addition to our group. Backed by our long-term capital base and asset origination capabilities, we believe PIC is uniquely positioned to support the growing demand in the UK pension risk transfer market and relocating to the UK is a natural next step for Athora’s strategic journey.” “
Bruce Hemphill, Chairman of the Board of Directors of Athora Holding Ltd., added: “The acquisition of PIC and the establishment of our headquarters in the UK is an important milestone for Athora and enhances our long-term growth ambitions. The Board remains committed to strong governance, rigorous execution and effective oversight on behalf of our shareholders.”
Dom Veney, interim chief executive of PIC, said: “Joining Athora is the start of an exciting new chapter for PIC. With Athora’s support we can invest even more in the UK economy, deliver innovative solutions to more trustees and sponsors and maintain the high level of customer service that PIC is known for. Athora’s commitment is validation of our strategy, people and purpose.”
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