26 July 2019News

Kuvare makes third US life acquisition since 2016

Guaranty Income Life Insurance Company (GILI), an affiliate of Kuvare US Holdings, will acquire Lincoln Benefit Life Company and its affiliates (LBL), subsidiaries of Bermuda-based RL.

The deal is expected to complete by year-end, subject to customary closing conditions, including regulatory approval by the Nebraska Department of Insurance, the domiciliary regulator of LBL.

LBL will be the third operating US life insurance business Kuvare has acquired since 2016, alongside Guaranty Income Life Insurance Company in Baton Rouge, Louisiana, and United Life Insurance Company in Cedar Rapids, Iowa.

Once the transaction is complete Kuvare will have pro forma consolidated assets exceeding $13 billion, including Kuvare Life Re, its Bermuda-based reinsurance firm.

Dhiren Jhaveri, chief executive officer of Kuvare, said: “The LBL organisation has been a leader within the US life insurance industry for decades, and the Lincoln Benefit brand is recognised throughout the country for insurance excellence. Over its 80-year track record, most recently under the ownership of RL, LBL has a rich tradition of offering high-quality policyholder service.”

Carlos Sierra, chief operating officer at Kuvare, added: “This is an excellent fit, as it provides tremendous strategic value through its nationwide scale, strong operating capabilities, and a team of talented and experienced professionals that have greatly impressed us throughout the sale process. LBL is a strong complement to Kuvare’s other insurance businesses and will help us achieve our long-term growth objectives.”