Herbert Smith Freehills Kramer advises Pension Insurance Corporation on its acquisition by Athora for c. £5.7 billion

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

PIC is a specialist insurer that provides tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension funds. PIC has a portfolio of £50.9 billion backing the pensions of 400,000 people and has £30 billion invested in the UK.

The transaction, subject to customary regulatory approvals, creates a group with assets of over €130 billion, backing the pensions of more than three million savers and retirees across Europe. PIC will be 45% of Athora’s total assets under management and administration and will be the largest and fastest growing business in the Group.

The Herbert Smith Freehills Kramer team was led by London Corporate partner Barney Hinnigan and consultant Ben Ward, assisted by senior associate Gregor Gordon and associate Joshua Avis. Partner Mark Ife and senior associate Niall Crean advised PIC on incentives matters and partner Samantha Brown provided pensions advice.

Partner 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."

PIC General Counsel, Martin Griffiths, 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.”