Miami-based JAB Insurance is set to buy Utmost Group’s UK Life and Pensions business (ULP), a closed-book operation managing over £5 billion in assets and serving nearly 290,000 pensioners. The deal is expected to finalize in the first half of 2026, pending regulatory approvals and standard closing conditions.
ULP works mainly in the UK bulk purchase annuity (BPA) market. Since starting its BPA activities in late 2024, it has completed 11 full buy-ins worth £311 million. The company helps pension scheme trustees and manages ongoing life and pension policies.
Anant Bhalla, JAB Insurance’s executive chairman, said the acquisition fits well with the company’s goal of putting permanent capital into strong insurance markets. He said JAB aims to support ULP’s leadership and create solid long-term financial options for UK policyholders.
Andrew Stoker, ULP’s CEO, will continue leading the business after the acquisition. He noted that JAB’s permanent capital and expertise in managing balance sheets will help ULP offer better value for pension scheme trustees and members.
Barclays advised JAB Insurance financially, with Skadden, Arps, Slate, Meagher & Flom LLP providing legal advice. Utmost Group received financial guidance from Fenchurch Advisory Partners and legal counsel from King & Spalding.
This purchase strengthens JAB’s role in the UK retirement risk transfer market, where BPA remains vital for insurers and pension schemes seeking to reduce risk. ULP’s success with full buy-ins highlights its strong focus on deal execution and policy servicing—key factors in the closed-book and BPA sectors.
Both companies will work through regulatory approvals, and industry watchers will keep an eye on the timeline, any competition reviews, and how ULP’s BPA business will be managed under JAB once the deal concludes.