Pension Insurance Corporation (PIC) is seeking to raise £500 million in new capital, Financial Times reports. PIC’s parent, Pension Corporation, is in talks with Luxembourg-based investment fund, Reinet Investments, regarding a deal, which may see it take a 30-40% stake in PIC in return for £400 million in new capital.
The London-based specialist insurer is additionally looking to raise around £100 million from both existing and new investors. The firm is backed by private equity group, JC Flowers, JP Morgan, Lloyds Banking Group and Royal Bank of Scotland.
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