JAB Insurance has agreed to acquire the Life and Pensions business (ULP) from Utmost Group, for an undisclosed sum.
ULP’s activities centre on the UK bulk purchase annuity (BPA) sector along with maintaining its existing policies.
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Since entering this market in late 2024, the business has completed 11 full buy-ins with a combined value of £311m. These transactions have contributed to building a BPA franchise.
Under the agreement, JAB Insurance will take control of more than £5bn in assets as well as 175 employees currently working for ULP.
ULP currently provides services to approximately 290,000 pensioners.
The deal is subject to regulatory approval and is expected to be finalised during the first half of 2026.
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By GlobalDataJAB Insurance is part of JAB Holding Company’s insurance division. Its other interests include Prosperity Life Group and Family Life, an insurer based in Texas that holds licences in 49 US states.
JAB Insurance executive chairman Anant Bhalla said: “We look forward to welcoming the Utmost Life & Pensions business and all its policyholders into the JAB Insurance family.
“This acquisition is consistent with our strategy to enter the most attractive global insurance markets where we can bring our permanent capital alongside differentiated capabilities across the value chain. ULP provides a strong foothold in the UK market, which fits nicely with JAB Insurance’s long-term investment horizon.”
Utmost Group has indicated that this transaction is intended to allow the company to focus on its wealth solutions business.
The funds from the sale are intended for the repayment of bank debt used for the Lombard International acquisition.
Any remaining proceeds will be used for general corporate needs, according to Utmost Group.
Utmost Life and Pensions CEO Andrew Stoker said: “I am pleased to continue leading the Utmost Life & Pensions business with the backing and support of JAB Insurance.
“With JAB Insurance’s permanent capital and its broader ecosystem around balance sheet management expertise, we will be able to provide a truly differentiated value proposition for pension scheme trustees and members.”
