September 10, 2018 / 9:55 AM / in a month

Pension Insurance Corp posts record first half for new business

LONDON (Reuters) - Pension Insurance Corporation Group, parent company of specialist insurer Pension Insurance Corporation (PIC), on Monday reported a record first half as more companies looked to offload their scheme liabilities.

New pension insurance business in the six months to June 30 were 3.3 billion pounds ($4.27 billion), it said.

Since then PIC had completed deals totalling a further 1.2 billion pounds and is in exclusive talks on deals worth 1.6 billion, it said.

“It looks set to be a record year for the market and the pipeline for 2019 is already very promising,” Chief Executive Tracy Blackwell said in a statement.

The company also said it planned to raise additional Tier-2 capital to support the growth of the business and had mandated Lloyds Bank Corporate Markets, HSBC and JPMorgan Cazenove as joint lead managers to arrange investor meetings from Sept. 11.

After previously announcing an investment in PICG by the Abu Dhabi Investment Authority of up to 21.4 percent, the company said on Monday ADIA was expected to hold a 17.1 percent stake after existing shareholders exercised pre-emption rights.

Reporting by Simon Jessop; editing by Jason Neely

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