Just Retirement buys Partnership Assurance for £669m

The two insurers will merge into a new company, JRP Group. Just Retirement shareholders will own 60% of the group, with the remainder held by Partnership Assurance shareholders.

Just Retirement chief executive Rodney Cook said the new group will seek to develop new products and strengthen its position in the UK market. An expansion into South Africa and the US is also planned.

The boards of both firms have agreed to share the new company's management.
Just Retirement was delisted by Permira for £225m in 2009 and was valued at £1.1bn in an IPO in November 2013.

Partnership Assurance was bought by Cinven from Phoenix Equity for around £150m in June 2008. The GP listed the company at 385 pence per share in June 2013.
Both companies remained private-equity-backed after their listings on the stock exchange.

Company
Founded in 1995, Partnership Assurance specialises in products for people whose life expectancy is likely to be reduced. The company employs 517 people and had a turnover of £752m during the last financial year.

People
Rodney Cook is the chief executive of Just Retirement. Steve Groves is the chief executive of Partnership Assurance.

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• Topics
• UK / Ireland
• Buyouts
• Financials
• UK listings
• Cinven
• Permira