New Financial Ratings and an Upgrade to Start 2021 for Kuvare Subsidiaries
CHICAGO--(BUSINESS WIRE)--February 4, 2021-- Kuvare US Holdings, Inc. (collectively with its affiliates, “Kuvare”) is pleased to share financial strength ratings for segments of the Kuvare organization, as recently published by AM Best Company, Inc. (“AM Best”) and Kroll Bond Rating Agency (“KBRA”).
First, Kuvare Life Re Ltd. (“KLR”), Kuvare’s Bermuda-based reinsurance company, is newly rated by both AM Best and KBRA. AM Best has issued an A- (Excellent) rating, and KBRA issued an A- (stable) insurance financial strength rating. Since inception in 2016, KLR has closed four significant reinsurance transactions totaling nearly $3 billion of third-party reinsurance reserves. “We are very pleased with the results of our first ratings processes, and we believe that these ratings are reflective of both our balance sheet strength and the quality of transactions and counterparties we have worked with to date. We look forward to continued growth as we build our institutional markets platform to support third party insurance partners,” said KLR President and CFO Kevin Hovi.
Second, Guaranty Income Life Insurance Company (“GILICO”), a Kuvare life and annuity business based in Baton Rouge, Louisiana, received a financial strength rating of A (upgraded from A-) by KBRA. Joe Wieser, President of GILICO, commented, “This upgrade is a testament to GILICO’s financial strength, operating performance, and growing stature within the US annuity marketplace. We are proud of our outstanding results and long-term focus to deliver on the promises made to our policyholders and distribution partners.”
Third, KBRA initiated coverage with an A rating for Kuvare’s other US life insurers, Lincoln Benefit Life Company (Rosemont, Illinois) and United Life Insurance Company (Cedar Rapids, Iowa). Along with GILICO, these three Kuvare businesses continue to provide valuable life insurance and annuity solutions for the underserved financial needs of middle market consumers across the nation, as they have for many decades.
Finally, KBRA has initiated issuer-level credit ratings of BBB for Kuvare’s intermediate holding companies, Kuvare US Holdings, Inc. (Delaware) and Kuvare UK Holdings Limited. (England and Wales).
Dhiren Jhaveri, Chairman of Kuvare, commented on the above ratings developments by noting, “The Kuvare organization remains committed to continued growth of our premier life and annuity platform on the basis of a strong ratings profile and prudent capital management.”
Kuvare is a leading insurance and reinsurance platform within the US life and annuity marketplace. Headquartered in Chicago, Kuvare 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. The family of Kuvare companies includes Lincoln Benefit Life Company, Guaranty Income Life Insurance Company, United Life Insurance Company, Kuvare Life Re Ltd., Kuvare Bermuda Re Ltd. and Kuvare Insurance Services LP.