Each of the businesses will maintain their own brands and senior management teams, overseen by Jonathan Thirkill as group chief executive.

Andrew Thirkill is the founder and group chair.

The three brands combine lending, advice and technology within the later life sector.

Jonathan Thirkill says: “Sovereign Life Group brings together businesses with complementary strengths.

“By coordinating investment and expertise across the group, while preserving clear governance and accountability within each regulated entity, we believe we can support better customer outcomes, respond to market change with greater resilience and agility, and help the later life lending market continue to evolve responsibly.”

Andrew Thirkill says: “When Age Partnership was founded more than 20 years ago, I saw an opportunity to build greater awareness of equity release and the many benefits and protection it can provide for customers in later life.

“The market has improved significantly since then, but the need for clear information, trusted advice and good customer outcomes remains as important as ever.

“Sovereign Life Group is a natural next step, bringing together specialist businesses with the capability and expertise to support customers, advisers and partners across the later life market.”