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New CEO Tapped for UK Pension Giant
9 Mar
Summary
- Mike Eakins poised to lead Pension Insurance Corp. as new CEO.
- PIC is being acquired by Athora Holding Ltd. for £5.7 billion.
- UK pension buyout market booms due to rising interest rates.
Mike Eakins, a seasoned industry professional and chief investment officer at Standard Life Plc, is reportedly being appointed as the new chief executive officer of Pension Insurance Corp. This leadership change is anticipated to be announced imminently, with Eakins set to replace the interim CEO, Dom Veney. Eakins brings a wealth of experience, having previously held roles at Goldman Sachs Group Inc. and ReAssure Group.
The appointment follows the pending acquisition of Pension Insurance Corp. by Athora Holding Ltd., a European insurer supported by Apollo Global Management Inc. The deal, valued at approximately £5.7 billion, has already secured UK regulatory approval. This acquisition is expected to nearly double PIC's assets under management to €130 billion.
The UK pension buyout market is currently thriving. This surge is largely attributed to the impact of higher interest rates, which have effectively reduced the financial obligations associated with defined-benefit pension plans. Such an environment makes it increasingly attractive for companies to transfer their pension liabilities to specialist insurers like PIC.
