Brookfield Business Partners Acquires Just Group to Bolster UK Pension Risk Transfer

Brookfield Business Partners (BWS) has announced its acquisition of Just Group, consolidating its UK insurance operations under the Just brand with headquarters in London. This strategic move combines Just with BWS's existing UK insurer Blumont to create a robust insurance group focused on the pension risk transfer (PRT) market, which currently holds over £1 trillion in assets. The combined entity aims to leverage Just's innovative Beacon platform along with expanded de-risking capabilities to serve a broader range of pension schemes, both large and small.

The acquisition includes a 60% premium offer over Just Group’s recent share price and positions the firm to maintain its presence in individual annuities while expanding into defined contribution (DC) pension opportunities. BWS highlights that the combined group will benefit from Brookfield Asset Management’s extensive investment expertise, which manages over $1 trillion worldwide, including a substantial £60 billion investment portfolio within the UK infrastructure, real estate, and private equity sectors.

Just Group has secured multiple significant bulk annuity deals in the past year, serving schemes such as the Apostolic Church Staff Pension Scheme and the MGN Pension Scheme, demonstrating its capability in managing pension liabilities. BWS's entry into the UK market was marked by the launch of its operations and Blumont Annuity earlier in 2023, further strengthening its UK footprint.

The consolidation under Just aims to support growth in the PRT market, which is expected to see transaction volumes of £40-50 billion annually, reflecting ongoing demand for pension de-risking solutions. By combining resources and expertise, the new group intends to offer an enhanced service proposition to pension schemes navigating the complexities of pension liabilities and retirement income solutions.

The transaction is projected to complete in the first half of 2026, marking a significant development in the UK insurance and pension risk markets. This acquisition illustrates the increasing strategic importance of integrated pension risk transfer capabilities and investment expertise amid evolving retirement trends and regulatory landscapes.