Tue, 11 Aug 2015 | MERGER
Annuity firm Just Retirement Group is to undergo an all-share merger with rival Partnership Assurance Group to create a new group called JRP Group.
It is anticipated that the deal will see Just Retirement's shareholders own about 60 per cent of the new group, with the remaining 40 per cent owned by Partnership Assurance.
The new business, which has plans to source £150 million to back its operations, will be headed by Rodney Cook, Just Retirement's present boss, as group chief executive. While Partnership Assurance's current chief executive Steve Groves is set to exit his role when the merger has completed.
Together the businesses, which both specialise in selling medically underwritten annuities, will be able to speed up new product launches and be a stronger front in the retirement income market.
"This transaction represents a unique opportunity to accelerate the existing strategy of both businesses,” Tom Cross Brown, Just Retirement's chairman commented.
“Our two businesses will be bigger, stronger and more efficient together, which we believe will allow us to deliver better returns to both policyholders and shareholders," he added.
Both pension companies were hit by the pension freedom reforms as announced by Chancellor George Osborne in the 2014 Budget. Partnership Assurance's share price dived by 56 per cent and Just Retirement's fell by 42 per cent on the day of the Budget.
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