Pension Insurance Corporation plc (PIC) has announced that chief financial officer Dom Veney will assume the role of interim chief executive officer following the retirement of long-serving CEO Tracy Blackwell on December 31.
The leadership change comes as PIC prepares for its upcoming acquisition by Athora Holding, a deal expected to complete in early 2026 subject to regulatory approval.
PIC’s board launched its search for a permanent CEO in February after Blackwell confirmed her intention to step down. The process—which includes both internal and external candidates—has been extended to reflect the timeline of the Athora transaction, announced in July.
Veney joined PIC in April 2018 as chief actuary and has served as CFO since October 2021. He brings nearly three decades of experience in the UK life insurance industry, including a tenure as a partner at PwC, where he led the firm’s UK Life Actuarial Practice.
The transition comes amid a period of notable change for the wider UK pensions and insurance markets. Moody’s has reaffirmed a stable outlook for the sector in 2025, supported by continued growth in pensions and consistent demand for mandatory property and casualty insurance.
Higher interest rates are also bolstering investment income, particularly for life insurers managing long-duration assets. At the same time, Moody’s cautions that although pension transfer activity is boosting life sector revenues, it is also increasing asset risk as insurers absorb additional liabilities.
Activity in the UK bulk annuity market—central to pension risk transfer—softened in the first half of 2025. Life insurers wrote approximately £10 billion in bulk annuity business during the period, compared with £15 billion in the same period last year.
