HPS Investments agrees to acquire further stake in PIC

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.

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