JAB Insurance, the global insurance business of JAB Holding Company, has entered into a definitive agreement to acquire from Utmost Group plc its Life and Pensions (ULP) business.
The platform operates in the UK Bulk Purchase Annuity (BPA) market, where it focuses on offering solutions and managing its current policies.
Since its entry into the market in late 2024, ULP has successfully developed a competitive BPA franchise, executing 11 full buy-ins with a total value of £311 million.
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.”
The transaction is subject to regulatory approvals and customary closing conditions, and is expected to close in the first half of 2026.
Andrew Stoker, CEO of Utmost Life and Pensions, commented: “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.
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