The boards of Just Retirement and Partnership Assurance have agreed the terms of a recommended all-share merger to create JRP Group.

The merger is expected to result in Just Retirement shareholders owning approximately 60% of the combined group and Partnership Assurance shareholders owning approximately 40% of the combined group.

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The Boards of Just Retirement and Partnership Assurance have agreed a unified management team of the combined group under the leadership of Rodney Cook as group CEO.

Reporting to Rodney Cook will be David Richardson as deputy group CEO and Simon Thomas as group finance director. Chris Gibson-Smith will be the chairman of the combined group while Tom Cross Brown will assume the role of deputy chairman.

According to Just Retirement and Partnership Assurance, the merger would deliver numerous benefits, such as the scale to grow in attractive segments, accelerate new product segments and enable more efficient distribution.

Tom Cross Brown, chairman of Just Retirement, said: "This transaction represents a unique opportunity to accelerate the existing strategy of both businesses. Our two businesses will be bigger, stronger and more efficient together, which we believe will allow us to deliver better returns to both policyholders and shareholders."

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Commenting on the merger, Chris Gibson-Smith, chairman of Partnership Assurance, said: "This transaction represents a unique opportunity to accelerate the existing strategy of both businesses. Our two businesses will be bigger, stronger and more efficient together, which we believe will allow us to deliver better returns to both policyholders and shareholders."