Fourth transaction in 18 months helps life and annuity business reach $3.5 billion in assets
Chicago, December 15, 2017 – Kuvare Holdings LP (“Kuvare” or “The Company”) is pleased to announce the signing 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”). The reinsurance agreement is in partnership with a leading international and highly-rated insurance company, and provides financing support for a multi-billion dollar corporate transaction.
“We’re incredibly proud of our track record of rapidly establishing a premier life and annuity insurance platform that delivers valuable solutions to consumers seeking growth and protection of their wealth,” said Kuvare founder & CEO Dhiren Jhaveri. “This transaction is a prime example of our successful strategy of driving growth in our reinsurance business. Kuvare will continue to distinguish itself as a trusted and reliable reinsurance solution provider for insurance companies seeking a partner with extensive expertise in this space.”
Kuvare is a leading insurance and reinsurance platform within the U.S. life and annuity marketplace. The Company has executed multiple reinsurance transactions through KLR in recent months, while also acquiring Guaranty Income Life Insurance Company in Baton Rouge, Louisiana in 2016, and signing a definitive agreement in September, 2017 to purchase United Life Insurance Company in Cedar Rapids, Iowa.
The Kuvare organization, headquartered in Chicago, focuses on delivering value-oriented life and annuity solutions to the middle market. Founded in 2015, Kuvare is committed to a sustainable growth strategy, backed by a consortium of long-term capital firms collectively managing more than $20 billion. Including the KLR reinsurance transaction and the acquisition of United Life, Kuvare has pro forma consolidated assets of over $3.5 billion.
Alex Jeffrey (Fund Lab)