PIC invests a further £50 million in Peel Ports bringing total investment to £83 million

PIC, a specialist insurer of defined benefit pension schemes, has invested £50 million with Peel Ports Group ('the Company'). The transaction is the second concluded between PIC and the Company, following participation in an earlier funding round providing £33 million, in 2023.

PIC’s ability to offer a twelve-year financing solution, in a floating rate format, provides the Company with the additional flexibility they need to fund large infrastructure investments. Peel Ports Group invests in sustainable developments across its portfolio, most recently announcing several major projects including: two £25m ship-to-shore cranes at the Port of Greenock in Scotland; £30m for a new roll-on-roll-off berth facility at the Port of London Medway; and £25m to build the new Alexandra warehouse complex at the Port of Liverpool.

Ports are strategically important assets for the UK:

• they handle c.95% of international trade
• they are a critical component in addressing geopolitical pressures, such as energy security, by providing storage and handling of a range of fuels
• they are leaders in enabling government’s net-zero ambitions.

Dr Vladan Martinovic, Senior Debt Origination Manager at PIC, said: “The diversity of cargo transited, their varied customer base, long-term customer contracts, and ability to adapt their product offering makes the UK ports sector resilient through business cycles and therefore an attractive asset for a buy-to-hold investor like PIC. Regular, secure, long-term cashflows are a good match for PIC’s pension payments stretching out decades into the future. We are delighted to be able to support Peel Ports and complete an additional financing that meets their treasury needs.”

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Notes to Editors:

For further information please contact:

Apella Advisors for PIC
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 half year 2024, PIC had insured 348,600 pension scheme members and had £47.7 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. At 30 June 2024, PIC had made total pension payments of £14.9 billion to its policyholders and had invested more than £13 billion in the UK economy, creating considerable social value. 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