HPS Investments has agreed a deal to acquire a further £30m of shares in Pension Insurance Corporation (PIC), according to a report from Sky News.
According to the report, the investment firm has now built a total £500m stake in the insurer, representing a stake of just over 10 per cent of PIC.
It also cites city sources as saying that HPS has been picking up shares in PIC through a number of secondary deals with shareholders, such as Legend Holdings and Istithmar.
The agreement follows a number of transactions for PIC, having completed a £2bn buy-in with Old British Steel Pension Scheme, and two buy-ins with the Co-op pension scheme.
The insurer has also made several recent investments, including an £80m debt investment in North Star Housing Group, and a £40m investment in the Royal College of Surgeons of England.
Indeed, more broadly, industry experts have emphasised that the bulk annuity market has remained strong despite the pandemic, with the market expected to hit up to £60bn in 2021, and pension buy-ins and buyouts alone are expected to reach £30bn.
Latest News
-
Master trusts in the lead on guided retirement duty preparations
-
Major pension changes expected by 2035; DC concerns remain centre stage
-
Balance between choice and protection in guided retirement duty
-
Three-quarters of trustees believe there is ‘more to consider’ on DB Funding Code
-
DC growth helps UK pensions maintain leading position in UK asset share
-
PMI updates qualifications framework in bid to raise industry standards
Private markets – a growing presence within UK DC
Laura Blows discusses the role of private market investment within DC schemes with Aviva Director of Investments, Maiyuresh Rajah
The DB pension landscape
Pensions Age speaks to BlackRock managing director and head of its DB relationship management team, Andrew Reid, about the DB pensions landscape
Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories