Just Retirement Group to merge with rival annuity firm

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.

Search for a business to buy


Share this article



Latest Businesses for Sale

Civil Engineering Contractor (Fast Sale)
London, UK

An urgent sale is sought and offers are required by midday on Thursday 21st November 2019. Specialises in ground works, highways and landscaping. Current work in progress and significant pipeline.

Asking Price: Offers Invited
Turnover: £1,360,000

Haulage Business (Fast Sale)
North West, UK

Indicative offers are required by 17:00hrs on Monday 18 November 2019 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a general haul...

Asking Price: Offers Invited
Turnover: £2,000,000

LEASEHOLD


Engineering Services to the Recycling Industry
South West, UK

Installs, services and maintains a wide variety of machinery within the recycling and waste management industry. Circa 150 active clients, approximately 40% of whom provide reliable and repeat business on an ongoing basis. Excellent industry reputati...

Asking Price: Offers Invited
Turnover: £1,100,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
13
 
Nov
 

Brighton energy firm appoints administrators | ADMINISTRATION

Brighton-based utilities company Toto Energy has gone into a...

 
12
 
Nov
 

MBO at Gloucestershire bricklayers | MBO/MBI

Gloucestershire building services firm Cavendish Park Brickl...

 
07
 
Nov
 

Successful MBO at Homefair Blinds | MBO/MBI

Homefair Blinds has been acquired in an MBO led by a trio of...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources