May 27 (Bloomberg) -- Pension Corp. LLP, the U.K. insurer of pension plans founded by Edmund Truell, is in talks to raise 400 million pounds ($657 million) of fresh capital from Reinet Investments SCA.
The transaction, which is subject to regulatory approval, may involve a “reorganization” of the insurer’s capital structure, Guernsey, Channel Islands-based Pension Corp. said today in an e-mailed statement. Other investors in the insurer include JC Flowers & Co., Coller Capital Ltd., and Lloyds Banking Group Plc.
“This investment would augment our existing capital resources, enabling PIC to maintain a market leading position in what we believe is a rapidly growing market for pension insurance and risk transfer,” Chairman Mark Weinberg said in the statement.
Pension Insurance Corp. is the firm’s insurance division and manages about 4 billion pounds of assets.
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