Utmost Group is owned by its founders, Paul Thompson and Ian Maidens, and by funds managed by the investment manager Oaktree Capital Holdings. Oaktree Capital is a subsidiary of Brookfield Asset Management. 

Brookfield indirectly owns Utmost Group through its majority stake in Oaktree Capital Management. Utmost Group is primarily owned by funds managed by Oaktree, with a minority stake held by the founders. Brookfield acquired a majority interest in Oaktree in 2019, making Utmost Group a portfolio company of Brookfield’s indirect ownership structure through the two companies. 

My friend and former colleague Liam P has this to say of Utmost’s financial strength

The issue we may have with Utmost Group may derive from the subsidiary Utmost International. Or it may be through concern that Brookfield already own Just who operate in the same space (Bulk Purchase Annuity) as Utmost.

Utmost are appealing to the Wealth Market who have long memories, much of Utmost’s business is built on what remains of Equitable Life.

The issue is not that Utmost is going to fail, the issue is that any control of this business has passed into the same hands of those who own Just and we are uncomfortable with what is happening to UK pensions disappearing on the slow boat to Bermuda.

There is an ownership issue and an issue relating to funded reinsurance of pension schemes which is seeing UK assets disappearing we know not where to. We may not have reason to challenge Fitch but we do have reason to worry about America as a place for our pension ownership and Bermuda for the insurance of our retirement income.