Apollo Global Management, Inc. (NYSE:APO) is weighing a £5 billion takeover of Pension Insurance Corporation plc, one of the City's biggest specialist insurers. Sky News has learnt that Apollo is drawing up plans to submit an offer for PIC in the coming days. Other bidders are also said to be exploring bids for the company, which is owned by a consortium of investors.

PIC is one of a handful of specialists which take on responsibility for large corporate pension schemes, and has struck deals this year with companies such as RSA, the British general insurer. Bloomberg News reported last month that PIC's shareholders were considering a sale. The company's shareholders include CVC Capital Partners and Reinet, a vehicle backed by Johann Rupert, the billionaire Richemont chairman.

Apollo and PIC declined to comment.