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