Pension Insurance Corporation plc (PIC) has announced that chief financial officer Dom Veney (pictured above) will become interim chief executive officer following the retirement of Tracy Blackwell, effective December 31.
The appointment comes as the company prepares for its acquisition by Athora Holding, which is expected to close in early 2026, pending regulatory approval.
The board of directors began its search for a permanent CEO in February after Blackwell announced her intention to retire. The process, which is considering both internal and external candidates, was extended to accommodate the acquisition by Athora, announced in July.
Veney joined PIC in April 2018 as chief actuary and has served as chief financial officer since October 2021. He brings nearly 30 years of experience in the UK life insurance sector, including time as a partner at PwC, where he led the UK Life Actuarial Practice.
PIC chairman David Weymouth said the board agreed Blackwell would remain in her role until the end of 2025 to ensure an orderly transition.
“I have therefore agreed with Tracy that she can retire from PIC in line with our original plan. I am confident that Dom’s experience, integrity, and deep understanding of our business will ensure continuity and continued success for PIC. I look forward to working with him in my ongoing role as Chairman,” Weymouth said.
Blackwell, who helped found PIC 20 years ago and has served as CEO for the past decade, said, “I look forward to seeing the company continue to thrive under Dom’s leadership as Interim CEO as we move towards the completion of the acquisition by Athora.”
The leadership transition at PIC comes at a time when the broader UK pensions sector is experiencing significant developments. Moody’s has maintained a stable outlook for insurance in 2025, citing growth in pensions and steady demand for mandatory property and casualty products as factors supporting insurer revenues.
Persistently high interest rates are also contributing to stronger investment income, particularly for life insurers with long-dated assets. However, Moody’s notes that while pension transfers are supporting the life sector, they are also increasing asset risk as insurers take on more liabilities through these transactions.
The UK bulk annuity market, which is a key part of the pension risk transfer landscape, saw a slowdown in the first half of 2025, with life insurers writing about £10 billion in bulk annuities, down from £15 billion in the same period last year.
