Kuvare Completes Acquisition of United Life Insurance Company

Completed acquisition expands offering of life and annuity solutions for the middle market

April 2, 2018 – Kuvare Holdings LP (“Kuvare” or “The Company”), a growth-oriented insurance platform,

is pleased to announce the completion of its purchase of United Life Insurance Company (“United Life” or “The Company”). With this latest acquisition, Kuvare’s pro forma consolidated assets are now valued at over $3.7 billion.

United Life was founded in 1962 and has grown into one of the most admired life insurance providers in the U.S. Based in Cedar Rapids, IA, United Life is licensed in 37 states, represented by approximately 1,500 independent life agencies and rated “A- Excellent” by A.M. Best Company. The Company offers a complete line of annuity and life insurance products, all focused on middle-market insurance consumers.

“We are thrilled that United Life is now part of Kuvare’s growing family of companies. United Life has an experienced and dedicated team in Cedar Rapids, deep and longstanding relationships with distribution partners, and a broad array of compelling and value-oriented product solutions. Kuvare’s objective is to help United Life grow by enhancing its business and expanding its legacy of superior financial solutions for middle market consumers,” said Kuvare CEO Dhiren Jhaveri.

The latest acquisition for the growing middle-market insurance platform follows Kuvare’s recent announcement of a commercial agreement to assume approximately $850 million of fixed annuity reserves in a reinsurance transaction through its Bermuda subsidiary, Kuvare Life Re Ltd. (“KLR”). Since its inception in 2015, Kuvare has continued to build its portfolio of growth-oriented insurance companies and has significantly expanded its reinsurance business.

“The addition of United Life to Guaranty Income Life Insurance Company and KLR creates a stronger foundation for the continued expansion of our business. Kuvare is well positioned for growth and we will continue to execute our mission of delivering innovative and compelling solutions for our middle market customers,” added Jhaveri.

For the United Life transaction, RBC Capital Markets, LLC was the exclusive financial advisor to Kuvare, and Debevoise & Plimpton LLP acted as legal counsel.

 

About Kuvare
Kuvare, through its subsidiaries, is a life and annuity business focused on delivering value-oriented solutions to the middle market. Kuvare is committed to a sustainable growth strategy, backed by a consortium of long-term capital firms collectively managing more than $20 billion. With the acquisition of United Life and a second reinsurance transaction through its Bermuda subsidiary, Kuvare Life Re. Ltd., Kuvare has pro forma consolidated assets of over $3.7 billion.

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Annuity and life insurance contracts are issued by United Life Insurance Company (69973), Cedar Rapids, IA and Guaranty Income Life Insurance Company (64238), Baton Rouge, LA. Lincoln Benefit Life Company (65595), Lincoln, NE does not currently issue new policies.  Payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Annuity and life insurance products may not be available in all states. These companies are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. This material should not be interpreted as a recommendation by United Life Insurance Company, Guaranty Income Life Insurance Company, or Lincoln Benefit Life Company. Please reach out to your financial professional if you have any questions about insurance products and their features.

The term “financial professional” is not intended to imply engagement in an advisory business with compensation unrelated to sales. Financial professionals will be paid a commission on the sale of an annuity.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, THE BANK OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Reinsurance contracts are entered into with Kuvare Life Re Ltd., Hamilton, Bermuda. Not all reinsurance products or structures offered are available in all jurisdictions. Reinsurers may not be licensed in all states. All transactions are subject to meeting a reinsurer’s underwriting requirements. Reinsurance products are not protected or guaranteed by state insurance guaranty associations or insolvency funds. 

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