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PGH buys Annuity Direct and ponders flotation

Partnership Group Holdings has bought Annuity Direct and has appointed Lexicon Partners as advisers as it considers a possible flotation.

The parent firm of healthcare firm Partnership Assurance says it is looking forward to increasing its expertise in the area of medically impaired financial solutions for retirement through the buy.

Annuity Direct managing director Stuart Bayliss says: “Our services to individual clients will not change but being part of a bigger group will enable us to develop in the rapidly growing corporate market and broaden our offering beyond retirement income, providing services throughout retirement and later life.”

Partnership Assurance executive chairman Ian Owen says: “We are not for sale and have no need to raise additional capital. We have been thinking about the possibility of a future float and have appointed Lexicon Partners to look at the business in case we do decide a flotation is the way we want to progress but it is very early days yet.”

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