JAB Insurance coverage has agreed to purchase the Life and Pensions enterprise (ULP) from Utmost Group, for an undisclosed sum.
ULP’s actions centre on the UK bulk buy annuity (BPA) sector together with sustaining its present insurance policies.
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Since getting into this market in late 2024, the enterprise has accomplished 11 full buy-ins with a mixed worth of £311m. These transactions have contributed to constructing a BPA franchise.
Underneath the settlement, JAB Insurance coverage will take management of greater than £5bn in property in addition to 175 staff at the moment working for ULP.
ULP at the moment supplies companies to roughly 290,000 pensioners.
The deal is topic to regulatory approval and is anticipated to be finalised throughout the first half of 2026.
JAB Insurance coverage is a part of JAB Holding Firm’s insurance coverage division. Its different pursuits embody Prosperity Life Group and Household Life, an insurer based mostly in Texas that holds licences in 49 US states.
JAB Insurance coverage government chairman Anant Bhalla stated: “We stay up for welcoming the Utmost Life & Pensions enterprise and all its policyholders into the JAB Insurance coverage household.
“This acquisition is in keeping with our technique to enter probably the most enticing international insurance coverage markets the place we will carry our everlasting capital alongside differentiated capabilities throughout the worth chain. ULP supplies a robust foothold within the UK market, which inserts properly with JAB Insurance coverage’s long-term funding horizon.”
Utmost Group has indicated that this transaction is meant to permit the corporate to focus on its wealth options enterprise.
The funds from the sale are supposed for the reimbursement of financial institution debt used for the Lombard Worldwide acquisition.
Any remaining proceeds will probably be used for common company wants, in accordance with Utmost Group.
Utmost Life and Pensions CEO Andrew Stoker stated: “I’m happy to proceed main the Utmost Life & Pensions enterprise with the backing and help of JAB Insurance coverage.
“With JAB Insurance coverage’s everlasting capital and its broader ecosystem round stability sheet administration experience, we will present a really differentiated worth proposition for pension scheme trustees and members.”
