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Pension May Acquire Paternoster For £200m

Pension Corporation is an insurance company which checks pension risks from the trustees and sponsors of defined benefit pension funds

Pension Corporation (Pension) is likely to acquire rival Paternoster for £200 million ($332 million) – reported Bloomberg. Paternoster is a regulated insurance company that takes on the risks associated with companies’ final salary/defined benefit pension schemes.

Paternoster has resumed takeover talks with Guernsey, Channel Islands-based Pension, after they were stalled at the end of May. Paternoster, whose investors include Deutsche Bank AG and Eton Park International LLP, manages £2.7 billion of assets after buying 42 pension plans. Pension manages over £2 billion of assets.

Pension buyout companies, which are registered insurers, acquire pension plans in return for insuring members’ liabilities.

Pension Corporation is an insurance company which checks pension risks from the trustees and sponsors of defined benefit pension funds.