Athora Holding Ltd has completed its acquisition of Pension Insurance (LSE:35CS) Corporation Group Limited (PICG), the company said, giving the enlarged group €139 billion of assets under management and administration and roughly 3.1 million policyholders — making it one of Europe’s largest savings and retirement services platforms.
Pension Insurance Corporation will operate as Athora’s UK insurance business under the PIC brand, the announcement added. PIC brings £54.8 billion of assets — about 45% of Athora’s pro forma AuMA — and, at full year 2025, had insured 438,000 pension scheme members. PIC has made total pension payments of £15 billion and has invested more than £15 billion in the UK economy, the company said.
Athora said the deal gives PIC access to increased long-term capital and expanded asset origination capabilities, notably in private investment grade credit, via Athora’s strategic relationship with Apollo. The group said it expects the combination to “accelerate scaled investment in high-quality assets, securing the pensions of more defined benefit pension scheme members for the long term.”
"We are delighted to welcome PIC into the Athora family as our UK insurance business. 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." — Mike Wells, Group Chief Executive Officer of Athora, said.
Athora also announced its intention to relocate its corporate and legal headquarters from Bermuda to the UK by late 2027, subject to regulatory approvals. The move will include transferring the business to a new public limited company incorporated in England and Wales as the group's holding company, the company said.
During the relocation process the Bermuda Monetary Authority will remain group supervisor while Athora complies with Prudential Regulation Authority group supervision requirements on a modified basis in parallel. Upon completion of the move it is expected that the PRA will become Athora’s group supervisor, the announcement said.
London will serve as Athora’s corporate headquarters; the company said Athora and PIC currently employ 8001people in the city. A separate presentation for Athora bondholders, posted on Athora’s website, sets out further financial pro‑forma impacts from the acquisition and the headquarters relocation and explains the expected effect on the group’s listed debt instruments.
Bruce Hemphill added: "Establishing our headquarters in the UK, following the PIC acquisition, is a significant milestone for Athora and reinforces our long-term growth ambitions. The Board remains committed to strong governance, disciplined execution, and effective oversight on behalf of our shareholders."
