Guaranty Income Life Insurance Co., a unit of Chicago-based Kuvare US Holdings Inc. has agreed to acquire Lincoln Benefit Life Co. and its affiliates from RL LP.

The deal is expected to close by year end, subject to customary closing conditions, including regulatory approval by the Nebraska Department of Insurance, the domiciliary regulator of Lincoln Benefit Life.

“Kuvare looks forward to LBL shortly joining our growing life and annuity insurance business,” Kuvare CEO Dhiren Jhaveri said in a statement. “The LBL organization has been a leader within the U.S. life insurance industry for decades, and the Lincoln Benefit brand is recognized throughout the country for insurance excellence. Over its 80-year track record, most recently under the ownership of RL LP, LBL has a rich tradition of offering high-quality policyholder service.”

Kuvare COO Carlos Sierra added: “For Kuvare, this is an excellent fit, as it provides tremendous strategic value through its nationwide scale, strong operating capabilities, and a team of talented and experienced professionals that have greatly impressed us throughout the sale process. LBL is a strong complement to Kuvare’s other insurance businesses and will help us achieve our long-term growth objectives.”

LBL is based in Lincoln, Neb., and will become the third operating U.S. life insurance business acquired by Kuvare since 2016. It will join Baton Rouge, La.-based Guaranty and Cedar Rapids, Iowa-based United Life Insurance Co. Including Kuvare’s Bermuda-based reinsurance firm, Kuvare Life Re, upon closing the transaction, Chicago-based Kuvare will have pro forma consolidated assets exceeding $13 billion.

Kuvare has been advised on the deal by its financial adviser, J.P. Morgan Securities LLC, and its legal adviser, Sidley Austin LLP. RL LP has been advised by its financial adviser, Morgan Stanley & Co. LLC, and its legal adviser, Debevoise & Plimpton LLP.