Partnership Assurance Group plc is a provider of non-standard
annuities
In investment, an annuity is a series of payments made at equal intervals.Kellison, Stephen G. (1970). ''The Theory of Interest''. Homewood, Illinois: Richard D. Irwin, Inc. p. 45 Examples of annuities are regular deposits to a savings account, mo ...
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 buyout became noted phenomena of 1 ...
of the Pension Annuity Friendly Society with funding from
Phoenix Equity Partners
Phoenix Equity Partners is a United Kingdom mid-market private equity firm. It specialises in working with management teams to help grow their businesses. It invests in companies valued at up to £150m.
History
Phoenix was co-founded in 2001 by H ...
in September 2005.
Cinven
Cinven 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 based corporat ...
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 investment ...
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