The merger between Just Retirement Group and Partnership Assurance is complete with JRP Group formed as a result.
The company which began trading on the London Stock Exchange today has a market cap of £1.4bn and assets under management of more than £15bn.
JRP Group provides a wide range of products, advice and professional services to individual customers, financial intermediaries, corporate clients and pension scheme trustees.
This includes de-risking solutions for pension scheme trustees who want to remove the financial uncertainty of operating defined benefit pension schemes, individually underwritten retirement income products delivering a guaranteed income for life, and flexible pension plans offering customers the option to blend secured and unsecured income.
Concerning professional services, the firm offers regulated financial advice and guidance services for individuals wanting help in using their pension savings and/or releasing some of the value from their home.
Aon Hewitt principal John Baines said “the completion of the merger is welcome news for schemes, removing any uncertainty since this was first announced last August”.
“It will be interesting to see the impact on pricing of less competition, but we continue to see a very healthy level of competitiveness across the bulk annuity market with some pensioner pricing as attractive as it has been for four years.”