Pension Insurance Corporation(PIC) is seeking to raise £500 million in new capital,Financial Timesreports. 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,LloydsBankingGroupandRoyal Bank of Scotland.
Click here for the story fromFinancial Times.Click here for additional coverage fromProfessional Pensions.