Pension Insurance Corporation (PIC), which provides insurance solutions for defined benefit pension funds, has completed a transaction whereby Luxembourg-based Reinet Fund will invest up to £400 million in the business.
The injection of cash will be used to back PIC’s growth in the UK’s pension insurance buyout and buy-in market.
At the same time, Sir Martin Jacomb and Bob Scott have retired from the PIC’s board, whilst Graham Cooper will remain with the company, focusing his efforts on developing longevity reinsurance solutions.
Joining the board as non-executive directors are: Bill Winters, the founder of Renshaw Bay and former co-chief executive officer of JP Morgan Investment Bank; Harriet Maunsell, formerly a senior partner at Lovells and chairman of the Occupational Pensions Regulatory Authority; Chris McKechnie, managing director for principal investments at Swiss Re; and Eloy Michotte, director of Reinet Fund Manager SA.
Pension Insurance Corporation has concluded over £1.1 billion of new business so far this year, including with Gartmore, Aon Minet and Cookson Group.