JAB Insurance, the global insurance business of JAB Holdings, has entered into a definitive agreement to acquire its life and pensions (ULP) business from Utmost Group plc.
ULP is a UK life and pensions platform with over £5bn of assets under management and services for around 290,000 pensioners.
The platform operates in the UK bulk purchase annuity (BPA) market and is focused on providing solutions and managing their current policies.
Since entering the market in late 2024, ULP has successfully developed a competitive BPA franchise, executing 11 full acquisitions 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 to the JAB Insurance family. This acquisition is in line with our strategy to enter the most attractive global insurance markets where we can combine our permanent capital with differentiated capabilities across the value chain.”
“ULP provides a strong foothold in the UK market, which is a good fit with JAB Insurance’s long-term investment vision. We intend to fully support the leadership team to ensure a seamless process on and beyond transaction completion and make ULP an important solution for the long-term financial security of 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 delighted to continue leading the Utmost Life & Pensions business with the support of JAB Insurance. With JAB Insurance’s permanent capital and its wider ecosystem around balance sheet management expertise, we will be able to deliver a truly differentiated value proposition to pension scheme trustees and members.”
Barclays Bank Plc, through its investment bank, is acting as financial advisor to JAB Insurance, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor. Fenchurch Advisory Partners acted as financial advisor and King & Spalding acted as legal advisor to Utmost Group.
