Centricus, EICG form pension venture

British investment company Centricus and European Insurance Consolidation Group have formed a joint venture to purchase European books of life insurance policies closed to new customers, Centricus said to Reuters.

Centricus, which has USD26 billion in assets, did not disclose financial terms of the transaction.

Private equity firms such as Apollo and Cinven have also teamed up with insurers in this market, which has grown as large insurers seek to offload capital-intensive pension products.