Utmost Life and Pensions has confirms its entry into the bulk purchase annuity sector following leadership and team additions.
Utmost, building on its existing annuity business, has built a team of over 20 people focused on bulk purchase annuity. The company finds it has a strong and credible offering to address the demand for pension risk transfer in the UK.
In addition, the strategy will be led by chief executive Andrew Stoker, a qualified actuary. He takes over from the retired Stephen Shone.
Furthermore, Utmost Life and Pensions has, as well as the team of over 20 experts, developed partnerships with Schroders and Mantle Services.
Paul Thompson, Group Chief Executive Officer, Utmost Group, commented: “I would like to take this opportunity to thank Stephen for his contribution to Utmost and for being instrumental in pivoting Utmost Life and Pensions from a closed book life consolidator to an active participant in the BPA sector. Andrew’s experience will be invaluable in continuing to strengthen our offering and further penetrating the large and attractive bulk purchase annuity market. It is pleasing to see that external pension schemes are already recognising the valuable addition that Utmost is making to the sector.”
Andrew Stoker, chief executive officer, Utmost Life and Pensions, added: “Since joining Utmost, I have been impressed by the calibre of the team and its strong ethos of customer service. Utmost Life and Pensions now has a strong platform for competing in the BPA market and we are building a compelling proposition for pension scheme trustees and members. I am excited by the opportunity to lead the next phase of Utmost’s BPA strategy.”
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