UK: Just Retirement set for mega merger with rival

Surrey-headquartered specialist annuity provider Just Retirement Group has agreed an all-share merger deal with rival Partnership Assurance Group to create a “bigger, stronger and more efficient” company.

The transaction is expected to result in Reigate-based Just Retirement’s shareholders owning about 60 per cent of the new group and Partnership Assurance’s shareholders 40 per cent. It values the ordinary share capital of Partnership Assurance at approximately £668.5 million.

The combined business, which will be known as JRP Group, has also unveiled plans to raise £150 million to finance its operations. It will be led by Rodney Cook (pictured), current Just Retirement chief executive, who will be group chief executive.

Steve Groves, the current chief executive of Partnership Assurance, will step down from his role when the merger is complete.

Tom Cross Brown, chairman of Just Retirement, said: “This transaction represents a unique opportunity to accelerate the existing strategy of both businesses. 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.”

Full content: Proactive Investors

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