Kuvare Completes Acquisition of Lincoln Benefit Life Company
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.
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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CONTACT: Erica Davis
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS IOWA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE
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