Herbert Smith Freehills Kramer Advised Pension Insurance Corporation On Its Acquisition By Athora For C. £5.7 Billion

Herbert Smith Freehills Kramer Advised Pension Insurance Corporation On Its Acquisition By Athora For C. £5.7 Billion

Herbert Smith Freehills Kramer advised Pension Insurance Corporation (PIC) on its acquisition by Athora, a leading European savings and retirement services provider, for approximately £5.7 billion.

PIC is a specialist insurer offering bespoke pension insurance buyouts and buy-ins for UK defined benefit pension fund trustees and sponsors. With £50.9 billion in assets backing the pensions of 400,000 individuals and £30 billion invested in the UK, PIC represents a key player in the pension insurance market.

The transaction, which remains subject to customary regulatory approvals, will result in a combined group with over €130 billion in assets and more than three million savers and retirees supported across Europe. PIC will contribute to 45% of Athora’s total AUM, becoming the largest and fastest-growing business in the group.

Barney Hinnigan said, "We have worked with PIC on many of its most important transactions, and we are delighted to have supported them on this project – it has been a great team effort. The transaction demonstrates HSF Kramer's deep pensions insurance sector knowledge, together with our ability to execute the most significant deals in the private capital environment."

Martin Griffiths, General Counsel at PIC, said, “PIC has worked with HSF Kramer for many years and they are one of our most trusted legal advisers. We are very appreciative of all their experience in helping deliver this significant transaction.”

The Herbert Smith Freehills Kramer team was led by Barney Hinnigan (Partner, Corporate) and Ben Ward (Consultant), with support from Gregor Gordon (Senior Associate) and Joshua Avis (Associate). On incentives, Mark Ife (Partner) and Niall Crean (Senior Associate) provided guidance, while Samantha Brown (Partner) advised on pensions matters.

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