Pension Insurance Corporation Group Limited, ultimate parent company of Pension Insurance Corporation plc, the specialist insurer of defined benefit pension schemes, today announces the completion of the previously announced capital raise. PICG's existing shareholders will invest £750 million of new capital to support the continued development and growth of PIC in the pension risk transfer market.

Reinet Fund S.C.A., F.I.S., a specialised investment fund incorporated in Luxembourg, and the group's largest shareholder, will invest £437.8 million and have a 46.4% stake in the group. Luxinva, a wholly owned subsidiary of Abu Dhabi Investment Authority, will invest £171.6 million and have an 18% shareholding. CVC Strategic Opportunities I will invest £130.6 million and have a 17% shareholding. 60% of the total funds invested will be available to PICG immediately, with the remaining 40% callable upon request before 26 January 2021.

Tracy Blackwell, Chief Executive Officer of PIC, said: "The money we have just raised from our long-term, supportive shareholders will allow us to help increased numbers of defined benefit pension scheme trustees move their risks to a specialist insurer, guaranteeing their members' benefits for life. The company is financially strong, has a reputation for excellent customer service, and is operating in a huge growth market. This significant investment by our existing shareholders is a vote of confidence in our growth plans."