Business Wire January 6, 2020
Kuvare
US Holdings, Inc., a growth-oriented life and annuity business, announced today
the completion of its purchase of Lincoln Benefit Life Company and its
affiliates on Dec. 31, 2019.
With
this latest acquisition, Kuvare’s pro forma consolidated assets are now valued
at over $22 billion.
Kuvare
Chief Executive Officer, Dhiren Jhaveri, commented on the transaction:
“Kuvare's strong momentum continues with the addition of a third US-based
insurance carrier. LBL significantly enhances the scale and breadth of our
business, and adds product and distribution capabilities to further enable our
strong growth trajectory. The acquisition of LBL reinforces our commitment to
deliver great insurance solutions to the middle market."
Kuvare’s
Chief Operating Officer and newly appointed LBL President, Carlos Sierra,
commented on the transaction: “LBL is an excellent addition to the growing
Kuvare family of businesses. LBL has been a strong life insurance and annuity
leader for over eight decades and adds approximately 200,000 policyholders to
Kuvare's base. LBL expands Kuvare's product portfolio with differentiated annuity
and variable life products, and the Lincoln Benefit brand is recognized
throughout the country for insurance excellence. Furthermore, LBL's operating
capabilities and its experienced staff will contribute greatly to, and benefit
from, Kuvare's platform."
LBL is
the third operating US life insurance business acquired by Kuvare since 2016.
In addition to LBL, Kuvare owns Guaranty Income Life Insurance Company, located
in Baton Rouge, Louisiana, and United Life Insurance Company, located in Cedar
Rapids, Iowa.
Kuvare
also owns a Bermuda-based reinsurance firm, Kuvare Life Re, which itself has
completed three substantial transactions since its inception in 2016.
For the
LBL transaction, Kuvare was supported by its financial advisor, J.P. Morgan
Securities LLC, and its legal advisor, Sidley Austin LLP.
About
Kuvare
Kuvare
is a retirement, life insurance, annuity and reinsurance business focused on
delivering value-oriented solutions to the middle market. Kuvare is committed
to a long-term sustainable growth strategy and currently has over $22 billion
of combined assets. For more information visit kuvare.com
About
Lincoln Benefit Life Company
LBL has
been a strong leader in providing life insurance and annuity
solutions since 1938. Based in Lincoln, Nebraska, and with administrative
offices also in Rosemont, Illinois, LBL services approximately 200,000
policyholders and is licensed in 49 states. It is rated A- (Excellent) by A.M.
Best and BBB (Good) by Standard & Poor’s.
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