Kuvare completes acquisition of Lincoln Benefit Life Company
Kuvare US Holdings (Kuvare), a growth-oriented life and annuity business, completed 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 said: “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, added: “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 recognised 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, JP Morgan Securities, and its legal advisor, Sidley Austin.
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