Completion and Market Entry
JAB Insurance has completed its acquisition of Utmost Life and Pensions, managing more than £5 billion of assets for approximately 290,000 policyholders. The deal establishes the business under the name JAB Pensions, marking JAB Insurance’s first entry into the UK insurance market following clearance from regulators. Andrew Stoker remains chief executive, with the firm focused on growing its presence in the bulk purchase annuity (BPA) market while servicing its existing closed book of policies. Utmost entered the BPA market in late 2024, completing 11 full buy-in transactions totalling £311 million prior to the completion of the acquisition.
Wider Consolidation and Market Context
The transaction is the third major acquisition of a UK bulk annuity insurer to close in 2026, following Athora Holding’s purchase of Pension Insurance Corporation and Brookfield Wealth Solutions’ takeover of Just Group. WTW’s February 2026 De-risking report projected that the UK pension risk transfer market could reach £70 billion in total activity this year, with the bulk annuity segment exceeding £50 billion. JAB Insurance operates across seven regulatory jurisdictions with approximately US$30 billion in invested assets.