Partnership to merge with Just Retirement

Laura Miller
clock

Just Retirement and Partnership have announced a merger deal.

Just Retirement shareholders will own approximately 60% of the combined group, with Partnership Assurance shareholders owning the other 40%.

Under the terms of the merger, Partnership shareholders will be entitled to receive 0.834 new Just Retirement shares for each Partnership share held.

The deal values Just Retirement shares at 199p, Partnership shares at 166p, and values the entire issued and to be issued ordinary share capital of Partnership at approximately £668.5m.

The boards of Just Retirement and Partnership have agreed a unified management team of the combined group under the leadership of Rodney Cook as group chief executive.

Just Retirement and Partnership intend to raise equity capital amounting to approximately £150m following the merger.

The boards of Just Retirement and Partnership said they believe the merger will deliver "significant strategic and financial benefits" for the combined business.

Annuity businesses including Just Retirement and Partnership have suffered following Chancellor George Osborne's public censure of the annuity market, and the introduction of pension freedoms which essentially removed the near monopoly annuity providers had of the retirement market. 

Further reading: 

Towers Watson merges with Willis in £11.4bn deal

Engage Mutual seeks adviser feedback on merger

Partnership responds to GMB's care warning


 

More on Insurer

Third of renters could only afford ten weeks off work

Third of renters could only afford ten weeks off work

Scottish Widows research

Cameron Roberts
clock 19 November 2024 • 2 min read
AXA Health appoints director of distribution and marketing

AXA Health appoints director of distribution and marketing

Richard Glassborow takes the role

Cameron Roberts
clock 18 November 2024 • 1 min read
Zurich UK adds employee neurodiversity assessments

Zurich UK adds employee neurodiversity assessments

Half of neurodivergent adults do not disclose due to stigma, research finds

Jen Frost
clock 14 November 2024 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read