Apollo-Backed Athora Offers $7.8 Billion for UK Insurer PICG

A European insurance group backed by Apollo Global Management Inc. offered to acquire a specialist UK insurer that’s partly owned by a company controlled by South African billionaire Johann Rupert for about £5.7 billion ($7.8 billion).

Athora Holding Ltd. is acquiring Pension Insurance Corp. Group, according to a filing by Reinet Investments SCA, which owns an indirect stake of 49.5% in the insurer.

Reinet first invested in PICG in 2012 through an initial £400 million commitment and the proposed transaction could accrue to about £5.9 billion including expected dividends, the Luxembourg-based investment firm said in a statement Thursday ...