Partnership plans to expand into the US insurance market with the launch of a medically underwritten immediate needs annuity.
The product, which will be distributed by American firm Genworth, is similar to the firm’s UK Care Annuity.
The policies are sold to people at the point at which they enter long-term care and provide a guaranteed income for life. The income from the plan is tax-free provided it is paid directly to the care provider.
Partnership’s UK operation will underwrite the product, which is set to launch in the first quarter of 2016.
Partnership chief executive Steve Groves says: “The potential for this product is very significant; the market is huge and customers seeking to protect themselves against the cost of care over a highly variable future lifetime have limited alternative solutions at the point of need.
“With data collected over the last 20 years in the UK, we are well placed to help fulfil that need and pursue this opportunity and we look forward to working with Genworth.”
Groves will leave Partnership once a merger between the firm and rival Just Retirement completes at the end of this year, with Just Retirement boss Rodney Cook set to take the helm at the new, larger insurance company.
Earlier this month, Money Marketing revealed up to 240 jobs are at risk as a result of the merger.