Brookfield Wealth Solutions (BWS) has named Pretty Sagoo interim chief executive of newly acquired Just Group, warning that deeper job cuts could follow a sweeping review of the UK insurance business.
Sagoo replaces David Richardson, who had run the retirement specialist since 2019. She is no stranger to the firm, joining in April 2022 to lead its defined benefit de-risking arm after senior pension risk transfer (PRT) roles at Athora, Legal & General and Deutsche Bank.
Her promotion follows Brookfield's £2.4 billion takeover of Just Group, which closed on April 1. The deal, first unveiled in July 2025, lifts BWS's global insurance assets under management to about US$180 billion and adds more than 700,000 customers and £30 billion in pension savings to the enlarged group.
Sir Nigel Wilson, chief executive of Legal & General from 2012 to 2024, has been named independent chair.
In a report from the FT, BWS said Just would "renew its focus on pursuing disciplined growth and operational excellence" and pledged to work with Sagoo to overhaul its product range and structure.
The tone has hardened since the deal was struck. In an updated post-offer intention statement, BWS cautioned that the review "may result in the implementation of cost-management measures, which could include headcount reductions materially beyond those described in the Stated Intentions” – a sharp shift from the "limited" cuts flagged last year.
Just employs more than 1,300 staff, Dealroom data shows.
Professional Pensions has reported that Just is preparing to exit its direct-to-consumer arm, a move likely to trigger redundancies.
The shake-up comes as Britain's bulk annuity market loses steam. Fitch Ratings says PRT volumes slipped to roughly £38 to 40 billion in 2025 from £48 to 49 billion a year earlier, even as deal counts climbed past 350 on a tilt towards smaller schemes.
The ratings agency expects margins to stay under strain in 2026 as fresh entrants – Royal London, Utmost and Brookfield's own Blumont among them – square off against incumbents Legal & General, Aviva, Rothesay and Phoenix.
The review will also tackle Brookfield's plan to fold Just into Blumont UK Annuity Limited, the vehicle authorised by the PRA and FCA in March last year as BWS's organic foothold in UK bulk annuities.
The merged entity will trade under the Just name, bringing together two players that have so far bid separately for PRT mandates. Industry practice suggests such a tie-up would require a Part VII transfer under the Financial Services and Markets Act 2000, subject to court approval and regulatory sign-off.
Just has also confirmed a move of its head office to Canary Wharf, the London base of its new owner, to tighten day-to-day ties between the two camps.
