PIC Eyes £500M New Capital

Pension Insurance Corporation (PIC) is seeking to raise £500 million in new capital, Financial Times reports. PIC’s parent, Pension Corporation, is in talks with Luxembourg-based investment fund, Reinet Investments,regarding a deal, which may see it take a 30-40% stake in PIC in return for £400 million in new capital.

The London-based specialist insurer is additionally looking to raise around £100 million from both existing and new investors. The firm is backed by private equity group, JC Flowers, JP Morgan, LloydsBankingGroup and Royal Bank of Scotland.

Click here for additional coverage from Professional Pensions.