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Blumont Annuity UK, part of Brookfield Wealth Solutions, is now available for deals in the UK’s bulk annuity market, after receiving regulatory approval.
Blumont started operating on Tuesday. Canadian investment house Brookfield’s filings show that Blumont Annuity Company Ltd received a licence from the UK's Prudential Regulation Authority and Financial Conduct Authority to participate directly in the pension risk transfer market earlier this month.
The new entity's chief executive, Thomas Olunloyo, said: “Our mission and focus is to deliver great outcomes for pension scheme trustees and their members by providing safe and secure retirement income to pensioners for generations to come.”
Brookfield expects more than £500bn of demand for pension buyouts over the next decade, saying the UK represents a significant growth opportunity.
Three of the senior members of Blumont's team joined from Pension Insurance Corporation, including chief customer officer Jamie Dobbin, chief origination officer Uzma Nazir and chief investment officer Keli Zhang.
Brookfield also partly owns Utmost Life and Pensions, which wrote its first transactions in 2024. Utmost Group is owned by its founders and by funds managed by Oaktree Capital Holdings, which is in turn majority-owned by Brookfield.
Blumont’s market entry brings the number of insurers bidding for buy-in and buyout deals to a record high of 11, after Utmost, Royal London and M&G have all entered or re-entered the market recently.
