Utmost Group has announced the sale of its bulk purchase annuity (BPA) business, Utmost Life and Pensions (ULP), to JAB Insurance as it focuses in on wealth solutions.
UK-focused ULP, which is being sold, has more than £5bn in assets and 175 employees. It entered the BPA market in late 2024. The sale "reflects Utmost's strategic decision to focus entirely on its market-leading wealth solutions business", it was stated in a press release shared by Utmost this morning (22 December). Proceeds from the sale will be used to repay outstanding bank debt relating to the financing of its Lombard International acquisition. Remaining funds will be put towards general corporate purposes, Utmost set out. The sale has an anticipated completion date of mid-2...
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