Table of Contents
South African billionaire Johann Rupert has significantly strengthened the balance sheet of Reinet Investments after the holding company completed the sale of its stake in Pension Insurance Corporation Group for approximately £2.9 billion.
Reinet disposed of its 49.5 percent shareholding in the UK-based insurer to Athora UK Holding, a subsidiary of Athora Holding, as part of a broader transaction involving other shareholders including Abu Dhabi Investment Authority, CVC Capital Partners, HPS Investment Partners and employees. Athora is a pan-European savings and retirement services group managing €76 billion in assets on behalf of 2.8 million policyholders.
Rupert serves as executive chairman of Reinet, which is managed by the Rupert family as general partners. The company sits alongside Richemont and Remgro as one of the key investment vehicles tied to the family's wealth.
The disposal adds substantially to Reinet's existing cash reserves. Prior to the transaction, the company held roughly €2.1 billion in cash following earlier portfolio exits. Following the PIC sale, the total cash position now stands at about $5.6 billion, with more than 80 percent of Reinet's net asset value held in cash and liquid instruments, according to the latest financial disclosures. The company said maintaining strong liquidity is important amid global uncertainty and noted it retains relationships with highly rated banking institutions.
A long-running investment
Reinet first invested in PIC in 2012 by way of an initial £400 million commitment. Through participation in subsequent primary and secondary share purchases, its total investment reached approximately £1.1 billion. To date, Reinet has received £426 million in dividends from the insurer.
The Pension Insurance Corporation, founded in 2006, focuses on long-term pension risk transfer and secure investment strategies. By the end of 2024, PIC managed £50.9 billion in assets and safeguarded the pensions of nearly 400,000 policyholders. UK regulators approved the change in control linked to the transaction.
A pivot from tobacco
The PIC disposal follows Reinet's earlier exit from British American Tobacco, another major portfolio investment with historic ties to the Rupert family. The family's fortune was originally built in tobacco after Anton Rupert founded Voorbrand Tobacco Company roughly 80 years ago. That business later evolved into Rembrandt and became central to South Africa's tobacco industry.
Reinet itself was created in 2008 to hold the group's interest in British American Tobacco and other investments. In early 2024, the company owned more than 48 million BAT shares. These were sold through late 2024 and early 2025, generating gross proceeds of approximately €1.6 billion. Together the two disposals represent the unwinding of Reinet's two largest and most longstanding holdings.
Jean Pierre Verster of Protea Capital Management said Rupert may consider winding down Reinet entirely, given the shrinking portfolio and the substantial liquidity now available. Should that scenario unfold, a special dividend could be distributed to shareholders as part of an unwinding process.
