Brookfield Corporation (TSX:BN), through its affiliate Brookfield Reinsurance Ltd. (NYSE:BNRE), is weighing entering Britain?s burgeoning pension insurance industry and is open to an acquisition to bolster growth, three people familiar with the matter told Reuters. The company is scanning the market for potential deals to access the bulk annuities space, where possible targets could include companies like Just Group plc (LSE:JUST) and Pension Insurance Corporation plc, two of the people said. Bulk annuities are a form of insurance whereby a company?s pension plan offloads liabilities to an insurer.

Deliberations are at an early stage and there is no certainty that Brookfield will proceed with the move or a transaction, cautioned the people, who spoke on condition of anonymity. Brookfield spun off its reinsurance arm in 2021 as a separately listed entity. However, the unit contracts administration and management services from its former parent.

Brookfield invests assets originated by Brookfield Reinsurance in North America as part of the services agreement. Brookfield, Just Group and Pension Insurance Corporation declined to comment.