Brookfield already has a substantial investment presence in the UK through its investments in firms such as Canary Wharf Group, where its UK office is also based.
Brookfield Wealth Solutions (BWS) has announced it has reached an agreement to acquire Just Group for 220p per share in cash.
The price represents 60% premium to the three-month volume-weighted average share price and is 29% higher than the historical high of Just Group's shares.
BWS said it intends for Just and its existing UK insurance company, Blumont, to operate as a single consolidated insurance group under Just's brand and under the leadership of Just's existing senior management, with London as the headquarters of the combined group.
It said the combined UK group will look to build on Just's strong offering in the UK pension risk transfer segment – a market BWS said currently holds over £1trn in assets and one it anticipates will see volumes of £40-50bn per annum in the coming years.
BWS said Just's differentiation through its innovative Beacon platform will be further complemented by expanded de-risking capacity, enabling the combined UK Group to serve an expanded range of small and large schemes with expertise from Just and BWS as well as the support of BWS's balance sheet.
The firm said the acquisition also positions Just to maintain its offering in individual annuities while enhancing its ability to capitalise on evolving retirement trends – including the growing opportunities in defined contribution pensions. BWS said the combined UK group, with the support of BWS's balance sheet and expertise in individual annuities and wealth solutions, would be able to reinvest capital strategically in these key growth areas.
BWS also said the combined business would benefit from the investment expertise and asset origination capabilities of Brookfield Asset Management – a manager which runs over $1trn (£760bn) of investments in infrastructure, renewables, real estate, private equity and credit worldwide.
This includes over £60bn of investment in the UK, including portfolio companies such as SGN, OnPath Energy, Canary Wharf Group, Center Parcs, PD Ports and Homeserve.
The acquisition of Just Group follows the launch of BWS's business in the UK in March and the commencement of operations for Blumont Annuity later that month.
Just Group has secured several bulk annuity transactions in the last year including a £4m buy-in with the Apostolic Church Staff Pension Scheme, a £150m buy-in deal with the MGN Pension Scheme, which secured the benefits of 1,300 in-payment members, and a £120m deal with the South East Water scheme.
The deal is expected to complete during the first half of 2026.
