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Financials

Pension Insurance Corp completes $1.3 bln pension deal for Aon

LONDON, May 12 (Reuters) - British specialist insurer Pension Insurance Corp (PIC) has completed a 900 million pound ($1.30 billion) pension buy-in deal for insurance broker Aon, it said on Thursday.

In a buy-in, the insurer takes on a portion of the risk of a defined benefit, or final salary, pension scheme.

China’s Legend Holdings took a minority stake in PIC last week, a transaction which a PIC spokesman said represented the first Chinese stake in a British financial services company.

$1 = 0.6930 pounds Reporting by Carolyn Cohn; editing by Simon Jessop

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