April 2, 2018 – Kuvare US Holdings, Inc. (“Kuvare”), a growth-oriented life and annuity business, is pleased to announce the completion of its purchase of United Life Insurance Company ("United Life" or “The Company”). With this latest acquisition, Kuvare’s pro forma consolidated assets are now valued at over $3.7 billion.
United Life was founded in 1962 and has grown into one of the most admired life insurance providers in the U.S. Based in Cedar Rapids, IA, United Life is licensed in 37 states, represented by approximately 1,500 independent life agencies and rated “A- Excellent” by A.M. Best Company. The Company offers a complete line of annuity and life insurance products, all focused on middle-market insurance consumers.
“We are thrilled that United Life is now part of Kuvare’s growing family of companies. United Life has an experienced and dedicated team in Cedar Rapids, deep and longstanding relationships with distribution partners, and a broad array of compelling and value-oriented product solutions. Kuvare’s objective is to help United Life grow by enhancing its business and expanding its legacy of superior financial solutions for middle market consumers,” said Kuvare CEO Dhiren Jhaveri.
The latest acquisition for the growing middle-market insurance platform follows Kuvare’s recent announcement of a commercial agreement to assume approximately $850 million of fixed annuity reserves in a reinsurance transaction through its Bermuda subsidiary, Kuvare Life Re Ltd. (“KLR”). Since its inception in 2015, Kuvare has continued to build its portfolio of growth-oriented insurance companies and has significantly expanded its reinsurance business.
“The addition of United Life to Guaranty Income Life Insurance Company and KLR creates a stronger foundation for the continued expansion of our business. Kuvare is well positioned for growth and we will continue to execute our mission of delivering innovative and compelling solutions for our middle market customers,” added Jhaveri.
For the United Life transaction, RBC Capital Markets, LLC was the exclusive financial advisor to Kuvare, and Debevoise & Plimpton LLP acted as legal counsel.
Kuvare, through its subsidiaries, is a life and annuity business focused on delivering value-oriented solutions to the middle market. Kuvare is committed to a sustainable growth strategy, backed by a consortium of long-term capital firms collectively managing more than $20 billion. With the acquisition of United Life and a second reinsurance transaction through its Bermuda subsidiary, Kuvare Life Re. Ltd., Kuvare has pro forma consolidated assets of over $3.7 billion.