Partnership Assurance
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Business description
Partnership Assurance is the UK's leading provider of impaired, enhanced and long-term care annuity products for retirees with medical conditions. It provides these products to people who, because of an existing medical condition, have a reduced life expectancy, thereby qualifying for a higher, or enhanced, annuity. Partnership Assurance is able to offer these enhanced rates because it is the sole owner of unique medical and mortality data that enable the company to underwrite with a high degree of accuracy.
Cinven strategy
Partnership Assurance is uniquely positioned to take advantage of strong growth in the markets for enhanced and impaired annuities. These markets are expected to experience double-digit structural growth driven by a shift from 'defined benefit' to 'defined contribution' pension schemes in the UK, demographic trends, and government and regulatory pressure on incumbent pension providers to inform pension holders of their right to take advantage of enhanced rates available elsewhere.
Cinven's strategy is to work with the existing management to capitalise on these significant growth trends. This has involved strengthening the management team, expanding the company's distribution channels and improving pricing analysis.
For more information, see the Partnership Assurance case study in 'Sector Expertise'.
