Miami-based JAB Insurance has agreed a definitive deal to acquire Utmost Group’s UK Life and Pensions business (ULP), a closed‑book platform that manages more than £5 billion of assets and serves about 290,000 pensioners. The transaction is subject to regulatory approvals and customary closing conditions and is expected to complete in the first half of 2026.
ULP, which operates in the UK bulk purchase annuity (BPA) market, has built a nascent BPA franchise since late 2024, completing 11 full buy‑ins totalling £311 million. The business provides solutions for pension scheme trustees and administers existing life and pension policies.
Anant Bhalla, executive chairman of JAB Insurance, said the acquisition fits JAB’s strategy of deploying permanent capital in attractive insurance markets and backing differentiated balance‑sheet capabilities. “We look forward to welcoming the Utmost Life & Pensions business and all its policyholders into the JAB Insurance family,” he said, adding JAB intends to “fully support the leadership team to ensure a seamless process through deal completion and beyond, and to make ULP a significant solution for long‑term financial security for UK policyholders.”
Andrew Stoker, CEO of Utmost Life & Pensions, said he would continue to lead the business under JAB’s ownership. He highlighted the advantage of JAB’s permanent capital and “balance sheet management expertise” in delivering a “differentiated value proposition for pension scheme trustees and members.”
Barclays acted as financial adviser to JAB Insurance, with Skadden, Arps, Slate, Meagher & Flom LLP providing legal counsel. Fenchurch Advisory Partners served as financial adviser to Utmost Group, with King & Spalding acting as legal counsel.
The deal deepens JAB Insurance’s presence in UK retirement risk transfer markets at a time when BPA activity remains an important channel for insurers and pension schemes seeking de‑risking solutions. ULP’s record of completing full buy‑ins since entering the market last year demonstrates an operational focus on transactional execution and policy servicing - capabilities acquirers typically cite as central to closed‑book and BPA strategies.
The parties said they will progress customary regulatory clearances. Market participants will be watching for timetable confirmations, any competition authority scrutiny, and disclosures on governance or capital overlay arrangements that will determine how ULP’s BPA pipeline and servicing operations are managed under JAB’s ownership once the deal closes.
