AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Kuvare Completes Acquisition of Lincoln Benefit Life Company

January 6, 2020 GMT

CHICAGO--(BUSINESS WIRE)--Jan 6, 2020--

Kuvare US Holdings, Inc. (“Kuvare”), a growth-oriented life and annuity business, announced today the completion of its purchase of Lincoln Benefit Life Company and its affiliates (“LBL”) on December 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200106005783/en/

CONTACT: Erica Davis

319-298-4469

edavis@unitedlife.com

KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS IOWA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: Kuvare

Copyright Business Wire 2020.

PUB: 01/06/2020 11:49 AM/DISC: 01/06/2020 11:49 AM

http://www.businesswire.com/news/home/20200106005783/en