JAB Insurance Acquires Prosperity Life Group from Elliott Investment Management

JAB Insurance to Acquire Utmost Group’s Life and Pensions Business

December 22, 2025

Healthcare Services

JAB Insurance entered into a definitive agreement to acquire Utmost Group plc’s Life and Pensions business (ULP), a UK life and pensions platform serving approximately 290,000 pensioners and holding more than £5 billion of assets under management. The acquisition targets a UK Bulk Purchase Annuity (BPA) franchise, with ULP having completed 11 full buy-ins totaling £311 million since entering the market in late 2024. The deal is subject to regulatory approvals and customary closing conditions and is expected to close in the first half of 2026.

JAB Insurance acquires Columbian Financial Group (Columbian Mutual Life Insurance Company and Columbian Life Insurance Company)

November 18, 2025

Insurance

JAB Insurance signed an agreement to acquire Columbian Mutual Life Insurance Company (CML) and its Illinois subsidiary Columbian Life Insurance Company (CLIC), collectively Columbian Financial Group, as the centerpiece of a Plan of Rehabilitation. The transaction was completed after court and regulatory approvals, enabling the insurers to emerge from rehabilitation with a stable long-term home for policyholders.

Prosperity Life Group Acquires National Western Life Group in a $1.9 Billion Cash Merger

July 9, 2024

Financial Services

Prosperity Life Group company S. USA Life Insurance Company, Inc. (SUSA) acquired National Western Life Group, Inc. in an all-cash merger valued at approximately $1.9 billion. At closing, each share of National Western common stock was converted into the right to receive $500 in cash, with National Western surviving as a wholly owned subsidiary of SUSA.

Evertree Insurance Acquires Prosper Insurance

November 2, 2023

Insurance

Evertree Insurance Services has acquired Virginia Beach-based Prosper Insurance, finalizing the transaction on November 1, 2023. The deal expands Evertree's Mid-Atlantic footprint and brings Prosper's technology and ~99-person team onto Evertree's tech-enabled personal-lines brokerage platform to accelerate embedded partnership capabilities nationwide.

Simplicity Group Acquires Life Policy Pros, Inc.

July 14, 2022

Financial Services

Simplicity Group, a Summit, New Jersey-based financial product distribution platform, has acquired Life Policy Pros, Inc., a New Jersey life insurance distribution firm. Founder Michael Kelly will join Simplicity as a partner and continue to lead day-to-day operations of Life Policy Pros as it transitions to the Simplicity brand.

Apax Partners Acquires PIB Group from The Carlyle Group

January 25, 2021

Insurance

Funds advised by Apax Partners acquired PIB Group alongside PIB's management team; The Carlyle Group (PIB's existing investor) will re-invest for a minority stake. Financial terms were not disclosed; Apax said the investment will support PIB's continued organic growth and accelerated M&A and international expansion. PIB is a diversified insurance intermediary employing over 2,000 people across the UK, Channel Islands, Ireland, Germany, Poland and India.