JAB Insurance has completed its acquisition of Utmost Life and Pensions from Utmost Group. Utmost Life and Pensions will go to market as JAB Pensions, JAB Insurance’s UK pension risk solutions platform. The acquisition marks JAB Insurance’s entry into the UK insurance market.
JAB Pensions will continue to focus on growing in the UK Bulk Purchase Annuity (BPA) market and in-house servicing of its existing policies. Andrew Stoker will continue to lead the business as Chief Executive Officer, while JAB Pensions will benefit from JAB Insurance’s expertise in insurance strategy, financial and risk management, and its broader strategic relationships in investment management. The transaction closing follows receipt of all required regulatory approvals.
“Today we welcome the Utmost Life and Pensions business and all its policyholders into the JAB Insurance family. Over the past 18 months, we have closed on four distinct, capability-enhancing transactions, successfully establishing the JAB Insurance platform, which now serves more than 1.5 million policyholders globally. We look forward to working closely with Andrew and his team to support JAB Pensions’ ongoing growth, continue servicing policyholders and pension scheme members, and providing greater choice for pension risk solutions in the UK,” said Anant Bhalla, Senior Partner & CIO of JAB Holding and Executive Chairman of JAB Insurance.
“Getting to know Anant and the JAB Insurance team throughout this process has reinforced my confidence in where we’re headed together – their experience and genuine focus on pension scheme members and insurance policyholders came through at every stage. With JAB Insurance’s long-term ownership model and expertise across managing balance sheets, we now have an even stronger proposition for pension scheme trustees and their members. I’m looking forward to building something lasting together,” added Andrew Stoker, Chief Executive Officer of JAB Pensions.
