Athora Holding Ltd plans to move its corporate and legal headquarters from Bermuda to London by the end of 2027.

The announcement came as Athora confirmed the completion of its acquisition of Pension Insurance Corporation, a British company, for $7.6 billion, subject to regulatory approvals.

The life and annuities insurer and reinsurer said the deal creates one of the largest savings and retirement services groups in Europe, with €139 billion (about $160 billion) of assets under management and administration, serving 3.1 million policyholders.

Athora was established in Bermuda in 2014 by Athene Holding to focus on European savings and retirement services. It separated from Athene in 2018 and has grown significantly through acquisitions since. Apollo, the global private equity giant, owns about 25 per cent of Athora, according to its website.

Athora Life Re, the group’s reinsurer, which provides coverage to the group, as well as third parties, is based in Bermuda.

When completed, the relocation of the headquarters will mean that the Bank of England’s Prudential Regulation Authority — rather than the Bermuda Monetary Authority — will be Athora’s group supervisor, the insurer said in a statement.

Bloomberg News reported Todd Solash, the Athora president as denying the relocation had been demanded by Britain as condition of allowing the acquisition.

“Obviously, the UK is now our largest business,” Mr Solash was quoted as saying. “So it helps to have everything in one place.”

The growing influence of alternative asset managers like Apollo on the life reinsurance sector, as they acquire blocks of pension risk, has caused regulators and economists to express concerns.

Athora said the headquarters move represented “a significant investment in the UK economy and reinforces London’s role as a centre for insurance and financial services”. Athora and PIC employ 800 people in London.

Mike Wells, group chief executive officer of Athora, said: “Backed by our long-term capital base and asset origination capabilities, we think PIC is uniquely positioned to support the growing needs of the UK pension risk transfer market, and relocation to the UK is a natural next step in Athora’s strategic journey.”

Bruce Hemphill, chairman of the Athora board, said: “Establishing our headquarters in the UK, following the PIC acquisition, is a significant milestone for Athora and reinforces our long-term growth ambitions.”