Athora closes PIC deal, plans to relocate headquarters from Bermuda in 2027
Athora has completed its acquisition of Pension Insurance Corporation Group, forming a €139 billion savings and retirement services group serving 3.1 million policyholders across Europe.
The deal brings Pension Insurance Corporation (PIC) into Athora as its UK insurance business, with PIC retaining its brand and continuing to operate in the pension risk transfer segment. PIC holds £54.8 billion in assets, accounting for around 45% of Athora’s total assets under management and administration, and serves nearly 450,000 policyholders.
The combined group now has scaled operations in the UK and the Netherlands, alongside businesses in Italy, Belgium and Germany, and reinsurance operations in Bermuda.
Athora said the transaction enhances its long-term investment capacity, with PIC gaining access to additional growth capital and asset origination capabilities, particularly in private investment grade credit through its relationship with Apollo. PIC has invested approximately £15 billion in the UK real economy to date.
Separately, Athora confirmed plans to relocate its corporate and legal headquarters from Bermuda to the UK by late 2027, subject to regulatory approvals. The move will involve transferring the group to a new UK-incorporated holding company, with the Prudential Regulation Authority expected to become group supervisor following completion.
Mike Wells (pictured), group chief executive officer of Athora, said: “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."
Bruce Hemphill, chair of the Athora Holding’s board of directors, 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.”
Dom Veney, interim chief executive officer of PIC, said: “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.”
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