A group of savings and retirement services supported by Apollo Global Management is closer to a takeover of nearly 6 billion pounds of Sterling in Pension Insurance Corporation (PIC), one of the largest specialized insurers in the city.
Sky News has learned that Athora, who belongs to a minority by Apollo, the giant of alternative investments based in the United States, is a few days to conclude an agreement to take control of Pic.
City sources have declared that the agreement, worth a little under 6 billion pounds sterling, could be announced this week.
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It would represent a historic transaction on the retirement risk transfer market, where insurers such as Pic, Legal & General and Rothesay take charge of the retirement plans defined by companies and assets behind them.
RSA, the American insurer and tobacco are among the corporate names with which PIC treated.
He also signed agreements with Chemring and Qantas.
PIC shareholders include CVC Capital Partners, HPS belonging to Blackrock, a subsidiary of the ABU Dhabi Investment Authority and Reinet, a vehicle created from the restructuring of the Richemont luxury products group.
Reinet, which holds 49.5% of peak, published a statement at the end of last week confirming that it was in talks to sell its participation but without naming the potential buyer.
Apollo previously examined an offer from Pic in 2023, with rival bidders, including Carlyle and KKR, also emerging.
The bulk annuity market has exploded in recent years while businesses are looking to unload a variety of financial risks related to the pension.
Pic recently announced the retirement of its longtime managing director, Tracy Blackwell, and has not yet appointed his successor.
Apollo refused to comment, while Pic was contacted to comment.