Apollo-Backed Athora Offers $7.8 Billion for UK Insurer PICG

(Bloomberg) — A European insurance group backed by Apollo Global Management Inc. offered to acquire a specialist UK insurer that’s partly owned by a company controlled by South African billionaire Johann Rupert for about £5.7 billion ($7.8 billion).

Athora Holding Ltd. is acquiring Pension Insurance Corp. Group, according to a filing by Reinet Investments SCA, which owns an indirect stake of 49.5% in the insurer. 

Reinet first invested in PICG in 2012 through an initial £400 million commitment and the proposed transaction could accrue to about £5.9 billion including expected dividends, the Luxembourg-based investment firm said in a statement Thursday after the market closed in Johannesburg, where it has a listing.

Reinet’s shares fell 3.4% by the close in Johannesburg. Its stock has rallied about 23% since SkyNews first reported the potential deal on June 20. 

The consideration for the PICG’s stake is lower than its current valuation in Reinet’s net asset value, SBG Securities analyst Charles Russell wrote in a note to clients. The brokerage also cut Reinet’s 12-month price target to 713 rand from 841 rand.

PICG was the largest driver of an 11.8% year-on-year increase in Reinet’s NAV to €6.9 billion for the year through March, the investment company said in an earnings report.  

PICG’s other shareholders include Luxinva, a unit of Abu Dhabi Investment Authority, and CVC Capital Partners Plc, according to its website.

–With assistance from Rene Vollgraaff and Ana Monteiro.

©2025 Bloomberg L.P.