Partnership Assurance Group plc is a provider of non-standard
annuities for individuals with medical or lifestyle conditions. In April 2016 it became part of the
JRP Group.
History
The company was established as a
management buyout
A management buyout (MBO) is a form of acquisition in which a company's existing managers acquire a large part, or all, of the company, whether from a parent company or individual. Management- and/or leveraged buyouts became noted phenomena of 19 ...
of the Pension Annuity Friendly Society with funding from
Phoenix Equity Partners in September 2005.
Cinven
Cinven Limited is a global private equity firm founded in 1977, with offices in nine international locations in Guernsey, London, New York, Paris, Frankfurt, Milan, Luxembourg, Madrid, and Hong Kong that acquires Europe and United States–bas ...
acquired the company in August 2008 and it was the subject of an
initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
in June 2013.
In December 2014, Partnership completed the UK's largest medically underwritten bulk annuity transaction – a £206 million ‘top-slicing’ deal with Taylor Wimpey.
In April 2016 the company merged with
Just Retirement to form
JRP Group.
Operations
The company is a provider of annuities for people with medical conditions.
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References
{{reflist
External links
Official site
Defunct companies based in London
Financial services companies established in 2005