Apollo Global-backed Athora in talks to buy UK insurer PIC, Sky News says

(Reuters) -Athora Holding is in talks to buy Pension Insurance Corporation in a deal that could value the UK-based specialist insurer at up to 5 billion pounds ($6.75 billion), Sky News reported on Friday.

Pricing, structure and other details about the potential deal remain unclear, the report said.

Apollo Global Management-backed Athora is a European savings and retirement services group.

Reuters could not independently confirm the news. Apollo, PIC and Athora declined to comment.

Sky News in late 2023 reported Apollo had explored a bid for PIC.

In May last year, Athora abandoned plans to buy a German portfolio of run-off life insurance policies from French insurer AXA.

PIC is owned by a consortium of shareholders including Luxembourg-based Reinet Investments and private equity firm CVC Capital Partners.

($1 = 0.7406 pounds)

(Reporting by Raechel Thankam Job in Bengaluru; Editing by Devika Syamnath and Sriraj Kalluvila)