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Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension funds, has invested €45 (£38) million of debt in freight and railcar leasing company Streem Group, supporting its global decarbonisation strategy.
PIC’s latest investment represents an ongoing commitment to invest across transportation assets that support greater cost efficiencies and less carbon intensive operations. Streem Group is one of the leading players in freight transportation with more than 46,000 railcars and 80,000 containers in its fleet globally.
Alexandre Moreau, Deputy CFO at Streem said: “We are delighted to have attracted PIC’s interest through this investment in rail freight leasing, further demonstrating Streem's attractiveness. PIC's participation will help Streem in its ambition to decarbonize the world’s logistics chains.”
Vladan Martinovic, Senior Debt Origination Manager at PIC, said: “Investing in these transportation assets will support the shift of freight traffic from road to rail, further reducing the production of carbon dioxide.”
Florence Carasse, Head of Infrastructure Debt at PIC, said: “We are delighted to have been able to make our first freight leasing investment, in Streem Group. Investing in transportation infrastructure in this way helps us to fulfil our purpose, which is to fund the pensions of our current and future policyholders now and in the long-term.”
The transaction was arranged by Société General and BNP. Latham & Watkins provided legal advice to PIC.
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Notes to Editors:
For further information please contact:
PIC
Clive Booth
+44 (0)7780 599247
boothc@pensioncorporation.com
Apella Advisors
Arne Wysny
+44 (0) 7818 497469
PIC@apellaadvisors.com
About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At year end 2022, PIC had insured 302,200 pension scheme members and had £41 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. To date, PIC has made total pension payments of £10.6 billion to its policyholders. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com
