sion Insurance Corporation Group (PICG) has raised £250m to fund further business growth, securing investment from a Chinese conglomerate that owns the Lenovo technology group.
PICG announced that China’s Legend Holdings will invest up to £110mn while existing investor Reinet Fund will be pouring £140mn.
To fund the PICG’s expansion, Legend has also indicated its intention to make additional new capital available or acquire existing ordinary shares from shareholders of the UK insurer.
“We are proud that an investor of the stature of Legend Holdings has agreed to join our investor base,” said Tracy Blackwell, PICG chief executive officer.
“Their investment will come alongside further equity funding from our largest existing shareholder, Reinet, demonstrating confidence in the overall business strategy, the management team and our focus on policyholder care,” he added.
Blackwell said the new investments will allow PICG to continue to “grow and develop the business in what is a fast growing market.”
Legend Holdings, a Chinese investment holding company involved in finance, real estate, and IT, is the parent company of the Lenovo Group.
The company looks forward to becoming a significant shareholder in PICG, according to Li Pen
g, Legend senior vice president and executive committee member.
“Our investment in PICG is consistent with the strategic goals our company has set for its future development outside China and across the financial services sector,” Li said.
“This includes building long-term industry leaders in sectors with sustainable and profitable growth. Our intention is to fully support PIC’s growth over the long-term.”