The Monetary Occasions has reported that Apollo, Carlyle, and KKR are all exploring bids for London-based Pension Insurance coverage Company (PIC) forward of the deadline, citing individuals aware of the matter.

Earlier this yr, PIC introduced a document £6.5 billion UK pension buy-in cope with the RSA UK Pension Trustees. It’s been an energetic yr for the pension danger switch market, and Apollo, Carlyle, and KKR are reportedly desperate to enter the UK market throughout a time of development.

In response to the FT, the curiosity of all three firms stays within the preliminary stage and there’s no assure a suggestion might be made, and, individuals aware of the matter mentioned that there is also different potential bidders.

Sources additionally instructed the FT that Canada’s Brookfield Asset Administration mulled a suggestion for PIC however finally determined to not. It’s understood that funding financial institution JP Morgan is advising on the deal and has invited bids, experiences the FT.

The FT reached out, however Apollo, Brookfield, Carlyle, KKR, and JP Morgan all declined to touch upon any potential bid for PIC.

In September, PIC, the specialist insurer of UK outlined profit pension schemes, reported an “wonderful first half of the yr” with an adjusted working revenue of £506 million, and new enterprise premiums of £6.5 billion.

The excessive rate of interest setting has had an impression on the pension market, and with scheme funding ranges elevated, the expectation is that billions of kilos of pension obligations might be transferred to insurers reminiscent of PIC.

In response to advisers, personal capital entities have spent some critical time taking a look at how finest to take part within the UK market, with an acquisition of an present participant seen as a greater strategy than backing a brand new market entrant, experiences the FT.