backKing & Spalding represented Utmost Group plc on the sale of the company’s Life and Pensions business (ULP), a UK life and pensions platform with more than £5 billion of assets under management and serving approximately 290,000 pensioners.
JAB Insurance announced that it has entered into a definitive agreement to acquire ULP, which is focused on providing solutions in the UK Bulk Purchase Annuity (BPA) market and servicing its existing policies. ULP has built a competitive BPA franchise, completing 11 full buy-ins totaling £311 million since it entered the market in late 2024.
More information on the deal can be found here.
The King & Spalding team was led by London partners William Charnley and Marcus Young and included associates Jack Michaels and William Morris. Other lawyers on the deal were Costa Burkov, Russell Warren, Michael Langan, Eve-Christie Vermynck, Aadam Sattar, Oliver Swerdlow, Nick Impey, Tessa Cranfield, Margaret Nettesheim, Matthias Vangenechten, Alexander Tivey and Simon Maynard.