JAB Insurance to Enter UK Life and Pension Market With Acquisition of Utmost Group’s Life and Pensions Business

MIAMI–(BUSINESS WIRE)–JAB Insurance today announced that it has entered into a definitive agreement to acquire from Utmost Group plc its Life and Pensions business (“ULP”), a UK life and pensions platform with more than £5 billion of assets under management and serving approximately 290,000 pensioners.

ULP is focused on providing solutions in the UK Bulk Purchase Annuity (“BPA”) market and servicing its existing policies. ULP has built a competitive BPA franchise, completing 11 full buy-ins totaling £311 million since it entered the market in late 2024.

Anant Bhalla, Executive Chairman of JAB Insurance, 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. We intend 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 and Pensions, concluded: “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.”

Barclays Bank Plc, acting through its Investment Bank, served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to JAB Insurance. Fenchurch Advisory Partners served as financial advisor and King & Spalding served as legal counsel to the Utmost Group. The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close in the first half of 2026.

About JAB Insurance

JAB Insurance is the global insurance business of JAB Holding Company, which includes Prosperity Life Group and Family Life, a Texas-domiciled life insurance company with licenses in 49 states. JAB Insurance has over $25 billion in general account assets and one million clients in the U.S. insurance market, with a clear strategy to build a leading global life insurance platform. JAB Insurance is headquartered in Miami, Florida.

About Utmost Life and Pensions

Utmost Life and Pensions operates both a closed UK life and pensions business and a growing BPA business. Utmost Life and Pensions is authorized by the PRA and regulated by the FCA and the PRA.

Contacts

JAB Insurance:
[email protected]

Utmost Group:
[email protected]