Apollo-Backed Athora Buys U.K. Insurer for $7.8 Billion

Savings and retirement services group Athora Holding said it struck a deal to acquire Pension Insurance Corp. for roughly 5.7 billion pounds ($7.77 billion), betting on the British specialist insurer to ramp up its European operations.

Athora, backed by the likes of Apollo Global Management, Athene Holding and a subsidiary of the Abu Dhabi Investment Authority, has insurance businesses across the Netherlands, Italy, Belgium and Germany.