Abu Dhabi Investment Authority buys PIC stake from JC Flowers

The Abu Dhabi Investment Authority (ADIA) is acquiring up to 21.4 percent in Pension Insurance Corporation Group from funds advised by private equity firm JC Flowers.

Pension Insurance Corporation Group is the ultimate parent company of Pension Insurance Corporation (PIC), a specialist insurer and provider of bulk annuities to UK corporate pension schemes. PIC has in excess of £25 billion in financial assets, supporting the benefits of more than 150,000 individuals.

Tracy Blackwell, CEO at PIC, said: "We are delighted to welcome ADIA to our small group of committed shareholders with financial services expertise and long-term investment horizons. We are confident that, together, they will continue to build on the valuable support provided by J.C.Flowers over the past 12 years, and ensure that PIC is ideally placed to meet the increased demand from pension fund trustees.”

Established in 1976, ADIA is a globally-diversified investment institution that invests funds on behalf of the Government of Abu Dhabi.

Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA, said: "This investment is a further demonstration of our ongoing strategy to seek out principal investments in market-leading businesses with strong management teams. PIC has proven its ability to respond to the growing trend for UK companies to de-risk their defined benefit pension obligations and, as such, has strengthened its position as one of the industry’s leading pension insurance providers.”

Tim Hanford, managing director in charge of JC Flowers Europe, said: “As a founding investor in PIC, we have supported the company on its path to becoming a leader in the growing UK bulk annuity sector. We are delighted to see them starting a new partnership with ADIA and are very confident that the company will continue on its successful journey with this new support.”

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