Weinberg's Pension Corporation moots £1.2bn float with investors Pension Corp operates in the growing market for insuring defined benefit pension schemes - a vast arena, with companies having around £1.5 trillion of such liabilities and the funded portion of public sector liabilities running to about £500bn. Competitors include Legal & General and Rothesay Life. Thanks to increasing longevity and the difficulty of forecasting liabilities in markets skewed by such things as quantitative easing, companies and organisation have been increasingly seeking peace of mind by insuring against the future costs of retirement schemes. Pension Corp was founded by former Duke Street Capital boss Edmund Truell and his brother Danny Truell in 2006 to insure such defined benefit schemes, with the company able to buy them out entirely or take on the responsibility for the liabilities via a process known as a buy-in. The pair, who have since moved on to another acquisition vehicle Tungsten, continue to have a stake of 2pc-3pc via their family trust. Alongside Sir Mark, co-founder of St James Place Wealth Management, Pension Corp's non-executives include Bill Winters, the former co-head of JP Morgan Investment Bank, and Harriet Maunsell, former deputy director of the Occupational Pensions Board. Pension Corp's latest figures show that at the end of last year, during which it completed transactions for the likes of Aon Hewitt, Cookson and Gartmore, the group had £6.3bn assets under management, almost 65,000 pension fund members and embedded value of £890m. By the end of this year, assets under management are expected to top £8bn, with the business expected to be worth around a fifth more, including modest debts, than when Reinet took its stake. The stockmarket has seen a number of insurance floats lately, with Direct Line's listing being followed by Partnership Assurance, the insurer for the critically ill. Last week, Partnership rival Just Retirement hired advisers to work on a listing.