New reinsurer formed on Bermuda

Kuvare Holdings has established Kuvare Life Re (KLR).

KLR is a registered Bermuda Monetary Authority class E insurer and its initial reinsurance transaction includes a portfolio of fixed annuity products from a highly rated insurance company.

Kuvare claims that in establishing KLR, it will provide flexible capital solutions to the life insurance and annuity market. The company has also completed its acquisition of Guaranty Income Life Insurance Company (GILICO).

“With GILICO and KLR, Kuvare’s platform is now well-equipped to serve middle-market customers,” said Dhiren Jhaveri, CEO of Kuvare.

“These strategic acquisitions are the foundation for our operating model going forward, unlocking growth by expanding product breadth and distribution, as well as implementing tactical asset management strategies and partnering with insurance carriers to provide additional services and solutions.”