A&O Shearman advises Athora on landmark GBP5.7 billion acquisition of Pension Insurance Corporation Group

Upon completion, PICG will operate as Athora’s UK insurance business under the under the Pension Insurance Corporation (PIC) and Penguin brands benefit from increased access to long-term growth capital and enhanced asset origination expertise as part of the Athora Group.

Athora, a leading European savings and retirement services business with EUR76 billion of assets under management and administration, serves approximately 2.8 million policyholders across Europe. The agreement to acquire PICG marks Athora’s entry into the UK market and will create one of Europe’s largest insured savings and retirement services businesses, building on Athora’s existing subsidiaries in the Netherlands, Italy, Belgium, and Germany.

The transaction is expected to close in early 2026, subject to customary closing conditions and regulatory approvals. PICG will maintain its brands and team, continuing its dedication to customer service, robust capitalization, and disciplined investment philosophy.

As part of Athora, PIC is poised to play an even more significant role in providing long-duration financing for infrastructure and other long-term growth assets in the UK economy.

This transaction underscores A&O Shearman’s position as a global leader in financial services M&A and insurance, following a series of high-profile mandates in the sector.

The A&O Shearman team was led by partners Philip Jarvis, Seth Jones, Stephen Mathews, and Kate McInerney, with senior associate Charlotte Rowlandson and counsel Josh Baxter, and supported by Joshua Cohen, Sarah Jones, Alexandra Hopkinson, Olivia Roxborough, and Hadley-Rose Roberts. The A&O Shearman team acted as co-counsel alongside Sidley Austin LLP.

Philip Jarvis, co-head of Insurance at A&O Shearman, commented: “This acquisition will shape the future of the UK and European savings, retirement services, and pension de-risking market. We are delighted for our longstanding client Athora and to have the opportunity to support them in their continuing growth story by deploying our market leading insurance M&A platform for this transaction.”