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Cinven, Permira to trim stakes in JRP Group

Cinven Ltd. and Permira Advisers LLP intend to sell a combined 8% stake in JRP Group Plc, a U.K.-based financial services firm that provides individual annuities and defined benefit derisking solutions.

Entities controlled by Cinven will off-load 30 million ordinary shares, and an entity controlled by Permira will sell 45 million shares through an accelerated bookbuild to be carried out by Barclays Bank Plc, acting through its investment bank, and Numis Securities Ltd. as joint book runners. The books will open immediately.

The final number of shares to be placed and the placing price will be determined at the close of the book-building process. JRP Group shares closed March 28 at 138.9 pence apiece.

JRP Group is the company created from the merger of Just Retirement Group and Partnership Assurance Group Plc, completed in April 2016. The companies specialized in so-called enhanced annuities, sold to those with lower-than-average life expectancies, but were rocked in 2015 after the U.K. ended the mandatory annuitization of many pension pots.

They continue to provide annuities and are also active in buying up liabilities of defined benefit pension schemes, those that promise members a guaranteed payout upon retirement.