May 12, 2016 / 9:21 AM / 3 years ago

Pension Insurance Corp completes 900 million pound pension deal for Aon

LONDON (Reuters) - British specialist insurer Pension Insurance Corp (PIC) has completed a 900 million pound ($1.30 billion) pension buy-in deal for insurance broker Aon, it said on Thursday.

In a buy-in, the insurer takes on a portion of the risk of a defined benefit, or final salary, pension scheme.

China’s Legend Holdings took a minority stake in PIC last week, a transaction which a PIC spokesman said represented the first Chinese stake in a British financial services company.

($1 = 0.6930 pounds)

Reporting by Carolyn Cohn; editing by Simon Jessop

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