Pension insurer announces registration of for-profit RP

A major British pension insurer has announced the registration of a for-profit registered provider.

Pension Insurance Corporation plc (PIC) is an insurance firm specialising in pension risk transfer, the process of shifting defined benefit obligations from the sponsoring employer to an insurer, reducing volatility and risk for the former. 

Today, it has announced the successful registration of Verda Living after approval from the Regulator of Social Housing. The corporate entity behind the provider, Verda Living RP Limited, was registered with Companies House back in May 2024.

PIC has a portfolio of £50.9bn backing the pensions of 400,000 people. Since 2012, it has invested almost £4bn of long-term debt into UK social and affordable housing.

With the registration of Verda Living, it will take a more direct role in the provision of new housing, with cashflows from the RP supporting pension payments to PIC policyholders.

Verda Living will be chaired by Nathan Warren, who is also a group director at Sanctuary. Helen Moore, recently appointed as chair at Greencore Homes, and Chyrel Brown, until recently interim chief customer officer at Notting Hill Genesis, have been named as independent non-executive directors. 

“Verda Living has been established with a strong independent Board and a clear commitment to the values and responsibilities of the social and affordable housing sector,” said Warren. 

“Verda Living will ensure that decisions are made in the best interests of residents and in line with regulatory expectations.

“At the same time, backing from a long-term institutional investor like PIC provides financial strength and stability, enabling Verda Living to take a patient, responsible approach to delivering and managing homes.” 

Hayley Rees, managing director of PIC Capital, added: “PIC’s primary purpose is to pay the pensions of our current and future policyholders, and Verda Living will generate the secure, long-term cashflows needed to support our pension liabilities. 

“Establishing Verda Living was a natural next step for PIC, as it enables us to play a more direct role in supporting the delivery of much-needed affordable homes across the UK.” 

PIC has £30bn invested in the UK, of which £13.8bn is invested in UK housing and infrastructure. It was recently acquired by the pan-European savings and retirement services group Athora for £5.7bn.