Apollo Global Management is weighing a £5bn takeover of Pension Insurance Corporation, one of the City’s biggest specialist insurers.

Sky News has learnt that Apollo is drawing up plans to submit an offer for PIC in the coming days.

Other bidders are also said to be exploring bids for the company, which is owned by a consortium of investors.

PIC is one of a handful of specialists which take on responsibility for large corporate pension schemes, and has struck deals this year with companies such as RSA, the British general insurer.

It has also signed agreements with Chemring and Qantas.

Other players operating in the pension risk transfer sector include Rothesay Life and Legal & General.

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The market for BGL annuities has exploded in recent years as companies seek to offload a variety of pension-related financial risks.

Bloomberg News reported last month that PIC’s shareholders were considering a sale.

The company’s shareholders include CVC Capital Partners and Reinet, a vehicle backed by Johann Rupert, the billionaire Richemont chairman.

Apollo and PIC declined to comment.

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