Brookfield to acquire Just Group
Brookfield Wealth Solutions will acquire UK-based Just Group, a retirement specialist financial services company, for approximately $3.2 billion. Just Group helps 700,000 customers manage more than £27 billion of their pension savings.
BWS, a unit spun off from Brookfield Corporation, had announced its plans to enter the UK pension risk market earlier this year and it recently launched its UK insurance operations through its wholly owned subsidiary, Blumont Annuity Company UK.
The company said that the acquisition represents a strategic opportunity for Blumont to combine with Just in order to create a leader in the UK annuity and life insurance space with enhanced robust capitalization, disciplined underwriting and prudent investment philosophy.
“The acquisition of Just will accelerate our growth ambitions for the UK, a core region for us given its status as one of the world’s preeminent pension markets combined with highly attractive investment opportunities. We look forward to supporting Just’s growth in the UK, building on its commitment to providing financial certainty and excellent service to its policyholders. We own and operate insurance companies built for long-term success, supported by high quality assets, and are committed to providing ironclad retirement security products.” – Sachin Shah, Chief Executive Officer of BWS.
“The Just Board is pleased to recommend the acquisition by BWS, which delivers certain value for shareholders at an attractive cash premium. The acquisition reflects the strength of Just’s business and the significant financial and strategic progress the Just management team, led by David Richardson, has delivered in recent years. The Just Board also welcomes BWS’s strategic plans for Just, which it believes will benefit existing and future customers, Just employees and the UK economy through investment in important productive assets.” – John Hastings-Bass, Chair of Just.
“The proposed combination with BWS reflects the strength of the Just platform and the long-term value of the strategy we have delivered. BWS and the wider Brookfield group’s scale, investment expertise and alignment with our purpose will enable Just to broaden its reach and enhance its offering, which will accelerate the fulfilment of our purpose to help more people achieve a better later life. I am really proud of what the Just team has accomplished and grateful for the valuable support our shareholders have shown us over the past years. We look forward to building on our successful growth strategy and strong culture as we enter this exciting next phase for Just.”– David Richardson, Group CEO of Just.
