Abu Dhabi Inv. Authority acquires stake in British insurer
Wednesday, 06 20 2018, Category: Insurance and Reinsurance, Country: U.A.E
The Abu Dhabi Investment Authority (ADIA) has entered an agreement to acquire up to 21.4% of the shares of Pension Insurance Corporation Group, the parent company of Pension Insurance Corporation (PIC), from funds advised by private investment firm J.C. Flowers & Co.
PIC is a specialist insurer and provider of bulk annuities to UK corporate pension schemes, controlling more than £25 billion in financial assets and supporting the benefits of more than 150,000 individuals.
ADIA’s acquisition was led by its Private Equities Department (PED), and is in line with the company’s focus on its core sectors of financial services, healthcare, industrials, technology, and consumer products.
Hamad Shahwan Aldhaheri, Executive Director of the PED at ADIA, said: “This investment is a further demonstration of our ongoing strategy to seek out principal investments in market-leading businesses with strong management teams.