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Ex-BRS team makes a return with Just Retirement start-up

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 &#39successor business&#39 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.”

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