Baton Rouge life insurance company acquires Nebraska competitor

Jul. 29--Guaranty Income Life Insurance Company, a Baton Rouge-based business owned by a private equity firm is slated to acquire a Nebraska insurance business, Lincoln Benefit Life Company.

Financial details of the deal, expected to close before the end of the year, were not disclosed. The deal is also pending regulatory approval from the Nebraska Department of Insurance.

Chicago-based private equity firm Kuvare US Holdings bought Guaranty Income Life in 2016. Since then, Guaranty Income Life has opened a new office in Topeka, Kansas. The Baton Rouge-based insurance company is active in more than 30 states.

It was not immediately clear how the acquisition may impact the Baton Rouge offices which are located near I-12 and Sherwood Forest Boulevard. Guaranty Income Life Insurance Co. had about 90 employees when it was acquired in 2016.

Guaranty Income Life Insurance Co. had $902 million in assets as of 2018, according to the Louisiana Department of Insurance. The local company generated $9.7 million in net income last year. It underwrote $7.9 million of insurance premiums in Louisiana and $238 million of total premiums across the country, records show.

By comparison, Lincoln Benefit Life Co. had $1.3 billion in total premiums across the country as of 2018 and total assets of $10.4 billion. Lincoln Benefit Life Co. was spun out of The Allstate Corp. in 2013 when it was sold to private equity firm Resolution Life Holdings for $600 million.

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