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

The acquisition creates a European savings and retirement group with €139bn of assets under management and administration (AUMA) across 3.1 million policyholders.

Under Athora’s ownership, PIC will continue to operate under the PIC brand. Its portfolio of £54.8bn of assets represents around 45 per cent of Athora’s AUMA.

Athora received regulatory approval and €3.5bn of common equity commitments for the acquisition of PIC Group earlier this month.

The agreement was first announced in July 2025, with the deal value expected to total around £5.7bn.

PIC will gain access to increased long-term growth capital and expanded asset origination capabilities, especially in private investment grade credit, through Athora’s relationship with Apollo.

Athora added that it will support PIC in expanding its capacity to meet demand for pension risk transfer solutions.

The firm also announced that it intended to relocate its corporate and legal headquarters from Bermuda to the UK by late 2027, subject to regulatory approvals.

This will include the transfer of Athora’s business to a new public limited company, incorporated in England and Wales, as the new holding company for the group.

“We are delighted to welcome PIC into the Athora family as our UK insurance business,” said Athora group CEO, Mike Wells.

“PIC’s exceptional track record, strong brand and reputation, and commitment to customer service make it an outstanding addition to our group.

“Backed by our 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 journey."

Athora board of directors chair, Bruce Hemphill, said the establishment of its headquarters in the UK was a “significant milestone” for the group that reinforced its long-term growth ambitions.

PIC interim CEO, Dom Veney, added: “Joining Athora is the beginning of an exciting new chapter for PIC.

“With Athora’s support we can invest more in the UK economy, provide innovative solutions for more trustees and sponsors, and maintain the very high levels of customer service for which PIC is known. Athora’s commitment is validation of our strategy, people, and purpose.”

This article was first published on our sister website, Pensions Age.

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