JAB Joins Race to Buy Out UK Pensions With Utmost Unit Deal (1)

JAB Insurance has agreed to buy the UK life and pensions business of Utmost Group, the latest entry into the booming risk-transfer market for British retirement plans.

Miami-headquartered JAB Insurance has struck a definitive agreement to buy the unit from Utmost, a British insurer backed by Oaktree Capital Management, according to a statement Monday, confirming an earlier Bloomberg News report. Financial terms of the deal, which is expected to close in the first half of next year, weren’t disclosed.

The Utmost division oversees more than £5 billion ($6.7 billion) of assets under management and serves about 290,000 ...