Kuvare US Holdings Inc. has completed its acquisition of Lincoln Benefit Life Co. and its affiliates. With this latest acquisition, Kuvare’s pro forma consolidated assets are now valued at over $22 billion.
“Kuvare's strong momentum continues with the addition of a third US-based insurance carrier,” said Kuvare CEO Dhiren Jhaveri in a statement. “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."
Based in Lincoln, Nebraska, LBL is the third operating U.S. life insurance business acquired by Kuvare since 2016. In addition to LBL, Kuvare owns Guaranty Income Life Insurance Co., located in Baton Rouge, Louisiana, and United Life Insurance Co., 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 adviser, J.P. Morgan Securities LLC, and its legal adviser, Sidley Austin LLP.