BWS, a subsidiary of US firm Brookfield Wealth Solutions, has agreed terms on a cash offer to acquire Just, valuing the firm at approximately £2.4 billion.
BWS was spun off from Brookfield Corporation in 2021 and today owns and operates a wealth solutions business with a range of retirement services, wealth protection products and tailored capital solutions.
As at 30th June 2025, BWS has invested over $12 billion (£9 billion) of balance sheet capital into its insurance business and has over $140 billion (£105 billion) of total assets.
While BWS currently operates primarily in North America, it has been strategically focused on the UK market, and recently announced the launch of its UK insurance operations through its subsidiary, Blumont Annuity Company.
BWS intends for Blumont and Just to operate as a single, consolidated insurance group under the Just brand. The combined UK group will look to build on Just’s offering in the UK pension risk transfer segment, which currently holds over £1 trillion in assets and anticipates volumes of £40-50 billion per annum in the coming years.
BWS says the acquisition will "create a leader in the UK annuity and life insurance space".
The acquisition is expected to complete during the first half of 2026, subject to shareholder approval.
Sachin Shah, CEO of BWS, said: “The acquisition of Just will accelerate our growth ambitions for the UK, a core region for us given its status as one of the world’s preeminent pension markets combined with highly attractive investment opportunities. We look forward to supporting Just’s growth in the UK, building on its commitment to providing financial certainty and excellent service to its policyholders. We own and operate insurance companies built for long-term success, supported by high quality assets, and are committed to providing ironclad retirement security products.”
John Hastings-Bass, chair of Just, commented: “The Just Board is pleased to recommend the acquisition by BWS, which delivers certain value for shareholders at an attractive cash premium. The acquisition reflects the strength of Just’s business and the significant financial and strategic progress the Just management team, led by David Richardson, has delivered in recent years.
"The Just Board also welcomes BWS’s strategic plans for Just, which it believes will benefit existing and future customers, Just employees and the UK economy through investment in important productive assets.”
David Richardson (pictured), Group CEO of Just, added: “The proposed combination with BWS reflects the strength of the Just platform and the long-term value of the strategy we have delivered. BWS and the wider Brookfield group’s scale, investment expertise and alignment with our purpose will enable Just to broaden its reach and enhance its offering, which will accelerate the fulfilment of our purpose to help more people achieve a better later life.
"I am really proud of what the Just team has accomplished and grateful for the valuable support our shareholders have shown us over the past years. We look forward to building on our successful growth strategy and strong culture as we enter this exciting next phase for Just.”
