Dubai based Istithmar today announced that it has committed to an investment of USD 170 Million in Pension Insurance Corporation Holdings (PICH).
Pension Insurance Corporation (PIC), a wholly-owned subsidiary of PICH, is a financial institution providing substantial capacity for the pensions insurance market. Fully authorized by London’s Financial Services Authority (FSA), PIC is positioned to become the industry leader in the provision of pension insurance to UK defined benefit pension funds and annuity providers. PIC is backed by a strong shareholder base and world class management team and it intends to provide security and increased certainty to pension trustees, beneficiaries and sponsors of defined benefit pension schemes.
PICH’s distinguished list of shareholders come from the banking, private equity, asset management and reinsurance sectors; they include JC Flowers, Swiss Re, ABN AMRO, HBoS, Royal Bank of Scotland, Sampo, Coller Capital and Cycladic.
Istithmar's CEO, David Jackson, commented, "Istithmar is excited to become a substantial shareholder in PICH. We believe that the pension insurance market has incredible growth prospects and PICH, with its exceptional management team and strong shareholder base, is well poised to provide viable pension insurance solutions in the UK market."
A spokesperson on behalf of PICH said: “We’re delighted to welcome Istithmar as a strategic shareholder and believe that Istithmar’s support will add significant value to our business. We look forward to a successful and prosperous working relationship”.
This transaction by Istithmar is part of a continued focus in conducting strategic investments in financial services companies around the globe.
