Kuvare to Acquire United Life Insurance Company

Latest acquisition to expand offering of life and annuity solutions for the middle market

 

Chicago, September 19, 2017 – Kuvare US Holdings, Inc. (“Kuvare”), a growth-oriented life and annuity business, is pleased to announce an agreement to purchase United Life Insurance Company (“United Life” or “The Company”), the life insurance company of United Fire Group, Inc. (NASDAQ: UFCS). The transaction is expected to close in the first half of 2018 and is subject to customary conditions, including regulatory approval. With the completion of its latest acquisition, Kuvare’s pro forma consolidated assets are now valued at over $2.5 billion.

United Life was founded in 1962 to complement United Fire Group’s property and casualty insurance products. Since then, the Company has grown into one of the largest and 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.  

“Kuvare is excited to have United Life join its growing life and annuity insurance business. The Company’s exceptional people, deep distribution relationships, and complementary product portfolio, will enhance our ability to provide outstanding service to clients and distribution partners. We look forward to continuing United Life’s legacy and supporting its next phase of growth,” said Kuvare CEO Dhiren Jhaveri.

Kuvare’s latest announcement follows its recent acquisition of Guaranty Income Life Insurance Company (“GILICO”) in Baton Rouge, Louisiana, and the formation of its Bermuda reinsurance business, Kuvare Life Re Ltd. (“KLR”). Since its inception in 2015, Kuvare has established an innovative middle-market insurance platform through strategic expansion of products and distribution, proven asset management initiatives, and productive partnerships to add to its services and solutions.

“The acquisition of United Life is a prime example of Kuvare’s operating model at work, and we will continue to actively seek companies that grow new products and services for middle-market customers. Our experienced management team is excited to welcome United Life as it continues on its core business strategy of strengthening distribution relationships and developing innovative solutions for its 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 Holdings LP

Kuvare, through its subsidiaries, is a life and annuity business focused on delivering value-oriented solutions to the middle market. Founded in 2015 by insurance company executive Dhiren Jhaveri, 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, Chicago-based Kuvare has pro forma consolidated assets of over $2.5 billion. 

Media Contact:
Alex Jeffrey (Fund Lab)
[email protected]
847.921.4099

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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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