Brookfield Wealth Solutions Ltd. is targeting the U.K. pension risk transfer industry with a planned US$3.17 billion acquisition of insurance firm Just Group, according to a U.S. Securities and Exchange Commission filing.
The transaction would provide a 75 per cent premium based on the closing price for Just Group shares on July 30, 2025.
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The diversified insurance and financial services firm was spun off from Brookfield Corp. in 2021 as a wealth solution business specialist. The firm operates in North America but recently launched its U.K. insurance operations through its wholly-owned subsidiary Blumont Annuity Company U.K. Ltd.
Following the completion of the deal, Brookfield would consolidate its insurance group under the Just Group brand and build on its pension risk transfer segment, which currently holds more than £1 trillion in assets and anticipates volumes of £40-50 billion per annum in the coming years.
A 2024 study from Lane Clark & Peacock LLP found that due to improved funding and significant regulatory, market and industry developments, there’s an upscaling for pension risk transfer deals in the U.K. with an expectation of demand remaining between £400 billion to £600 billion over the next decade.
“The acquisition of Just will accelerate our growth ambitions for the U.K., a core region for us given its status as one of the world’s preeminent pension markets combined with highly attractive investment opportunities,” said Sachin Shah, Brookfield Wealth Solutions’ CEO, in a press release. “We look forward to supporting Just’s growth in the U.K., building on its commitment to providing financial certainty and excellent service to its policyholders.”
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