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A savings and status services radical backed by Apollo Global Management is plotting a multibillion lb takeover of Pension Insurance Corporation (PIC), 1 of the City's biggest specializer insurers.
Sky News has learnt that Athora, which was established by Apollo, the US-based alternate investments giant, is successful talks to get power of PIC.
If successfully completed, the woody - which bankers estimation could beryllium worthy betwixt £4bn and £5bn - would correspond a landmark transaction successful the pension hazard transportation market.
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Companies specified arsenic PIC, Legal & General and Rothesay instrumentality implicit companies' defined payment pension schemes and the assets down them, and person grown importantly successful the past decade.
RSA, the insurer, and British American Tobacco are among the firm names with which PIC has transacted.
It has besides signed agreements with Chemring and Qantas.
PIC's shareholders see CVC Capital Partners, BlackRock-owned HPS, a subsidiary of the Abu Dhabi Investment Authority and Reinet, a conveyance created from the restructuring of luxury goods radical Richemont.
Further details of a imaginable woody betwixt Athora and PIC, including its pricing and structure, were unclear connected Friday.
Apollo antecedently looked astatine an connection for PIC successful 2023, with rival bidders including Carlyle and KKR besides emerging.
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The marketplace for BGL annuities has exploded successful caller years arsenic companies question to offload a assortment of pension-related fiscal risks.
PIC precocious announced the status of its long-serving main executive, Tracy Blackwell, and has yet to sanction her successor.
Spokespeople for Apollo and PIC declined to comment.
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