Kuvare purchases life insurance company; forms new reinsurer

Kuvare Holdings, a private equity backed company in the US that invests in insurance companies, has completed its purchase of Guaranty Income Life Insurance Company (GILICO) and also established a new reinsurer, Kuvare Life Re (KLR).

GILICO is a legal reserve life insurance company based in Baton Rouge, LA, and focuses on protecting middle-market customers through the sale of annuities, life insurance and supplemental insurance products.

Kuvare’s acquisition has received final approval from the Louisiana Department of Insurance. GILICO’s headquarters, management team and staff will remain in Baton Rouge.

KLR is a Bermuda Monetary Authority-registered class E insurer, and its initial reinsurance transaction includes a portfolio of fixed annuity products, from a “highly-rated insurance company”, according to Kuvare.

Dhiren Jhaveri, CEO of Kuvare, said: “It has been a pleasure to work with GILICO’s management team over the last year and we look forward to continuing to work with them as we expand the business and seek new opportunities in the years to come.

“With GILICO and KLR, Kuvare’s platform is now well equipped to serve middle-market customers. These strategic acquisitions are the foundation for our operating model going forward – unlocking growth by expanding product breadth and distribution, as well as implementing tactical asset management strategies and partnering with insurance carriers to provide additional services and solutions.

“We look forward to expanding Kuvare’s capabilities, as we continue to grow new products and services for middle-market customers.”