BWS was founded in 2020 and mainly operates in North America, but said it was “strategically focused” on the UK market, having recently launched its UK insurance operations through its subsidiary Blumont Annuity Company.
Just will continue to operate through its brand, and the combined group will build on Just’s offering in the UK pension risk transfer sector.
Its senior management will become the leadership team for the combined UK group, and Just’s head office will remain in London and be the headquarters for the combined UK group.
BWS said it would “welcome Just’s employees and to join forces using the collective know-how of the combined workforce to grow the respective businesses and enhance opportunities for Just employees”.
Sachin Shah, chief executive of BWS, said: “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.
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“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.”
David Richardson, group CEO of Just, added: “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.”
Earlier this year, Just reported that its total retirement income grew to £6.4bn over 2024.
