Kuvare Life Re completes $850m deal covering fixed annuity reserves
Bermuda-based Kuvare Life Re, a subsidiary of US Kuvare Holdings, will assume approximately $850 million of fixed annuity reserves in a reinsurance transaction with an international unnamed insurance company.
Kuvare is a insurance and reinsurance platform within the US life and annuity marketplace. The company has executed multiple reinsurance transactions through KLR in recent months. It also previously acquired Guaranty Income Life Insurance Company in Baton Rouge, Louisiana, in 2016, and signed a definitive agreement in September, 2017 to purchase United Life Insurance Company in Cedar Rapids, Iowa.
The Kuvare organization, headquartered in Chicago, focuses on life and annuity solutions in the middle market. Founded in 2015, Kuvare is 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.
Dhiren Jhaveri, founder & CEO of Kuvare, said: “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. 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.”