16 October 2020
“Clara-Pensions, the member-first consolidator for defined benefit pension schemes, today (15 October 2020) announces that Wilton Re Overseas Limited, a member of the Wilton Re Group of companies, will join Sixth Street, the global investment firm, in supporting the further growth and development of Clara-Pensions.
Wilton Re is a global reinsurer that specialises in providing M&A solutions for life insurance and related markets. Its industry expertise and long-term investment horizon make Wilton Re a strong additional partner for Clara’s business.
Adam Saron, CEO of Clara-Pensions, said: “Wilton Re’s investment represents a clear vote of confidence in consolidation, the Pension Regulator’s regulatory regime and Clara’s member-first model. With the combined support of Sixth Street and Wilton Re, now more than ever, I am confident that Clara has the resources required to support members on their journey to buy-out. We look forward to completing the Pension Regulator’s rigorous assessment and welcoming our first members.”
Chris Stroup, Chairman of Wilton Re’s Board of Directors, said: “We have tremendous respect for the work that Adam and his team and Sixth Street have completed thus far in preparing Clara to succeed. We’re delighted to invest in Clara’s member-first model and look forward to working further with the Clara team alongside Sixth Street.”
Clara’s consolidation model serves as a bridge to the insured market for Britain’s defined benefit pension schemes and their members. When a scheme enters Clara, its assets and liabilities are supported by capital from Clara’s capital providers, thus securing a lower-risk journey to buy-out. Only after Clara has fully secured promised benefits for its members is there any return to its capital providers.
The closing for Wilton Re’s initial capital funding is subject to customary antitrust approvals and is anticipated to occur in the fourth quarter of 2020.
Clara were advised in this transaction by Houlihan Lokey.
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