The former Britannic Retirement Solutions team has re-emerged with the launch of a specialist at-retirement pro-vider called Just Retirement.
The firm will focus on products for the at-retirement market, offering enhanced pension annuities and equityrelease schemes. It will offer annuity rates which take acc-ount both of postcode and health. A long-term care product may be offered later.
Chief executive Mike Ful-ler, the man generally credited with inventing enhanced annuities at Stalwart before its sale to GE Life, will lead a team of 61 at the new life company, 60 of whom were former colleagues at BRS.
Many IFAs were disappointed to see BRS close to new business last November following a failed MBO and will no doubt be pleased to see a 'successor business' enter the market.
BRS won a 50 per cent share of the enhanced ann-uity market within four years of its launch and Just Retire-ment is looking to fill the gap left by BRS.
Fuller says he is confident that the IFA community will quickly identify Just Retire-ment as the best specialist company in the industry off-ering competitive deals for enhanced annuities.
The initial £25m start-up capital comes from independent equity firm Langholm, with a further £500,000 coming from management.
Up to £35m of reinsurance finance will be provided by Hannover Re and Interpolis.
Fuller says: “Consumers will see that we are setting new standards and delivering the kind of value needed in an industry which is dogged by poor performance and negative publicity.”