JAB Nears Deal to Buy UK Pensions Unit of Oaktree-Backed Utmost

JAB Insurance is nearing a deal to buy the UK life and pensions business of Utmost Group, according to people familiar with the matter.

A deal between JAB Insurance and Utmost, a British insurer backed by Oaktree Capital Management, could be announced as soon as next week, the people said, asking not to be identified because the information is private.

Representatives for JAB and Utmost declined to comment.

Utmost’s life and pensions unit manages legacy books from insurers, and oversees more than £5 billion ($6.7 billion) of assets. Last year, it entered the UK’s pension risk-transfer market, where ...