Lincoln Benefit Life officially under new ownership

Jan. 10----

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Lincoln Benefit Life officially has a new owner.

Kuvare US Holdings Inc. announced earlier this week that it completed the purchase of the Lincoln-based company on Dec. 31.

The acquisition, terms of which were not disclosed, is the third of a U.S. life insurance company by Chicago-based Kuvare since 2016. It also owns Guaranty Income Life Insurance Company in Baton Rouge, Louisiana, and United Life Insurance Company of Cedar Rapids, Iowa. Kuvare also owns a Bermuda-based reinsurance firm, Kuvare Life Re.

"LBL is an excellent addition to the growing Kuvare family of businesses," newly appointed LBL President Carlos Sierra said in a news release.

Lincoln Benefit Life has had a roller coaster past few years after decades of stability.

It got its start in Lincoln in 1938 and was sold to Allstate in 1984.

In 2013, Allstate decided to sell the business to Resolution Life Holdings for $600 million. Resolution Life, a British company, bought the business with the intent of doing a "runoff," the practice of making money by servicing existing policies while ceasing to issue new policies.

Resolution Life cut an unknown number of jobs at the company, which had about 800 employees at the time of the sale. It also moved Lincoln Benefit Life's offices from Allstate's campus near 84th and Van Dorn streets to a building at 12th and M streets downtown.

In 2017, Resolution Life put the company up for sale as part of a consolidation of its U.S. and European life insurance operations, and in October of that year, it was announced that Global Bankers Insurance Group of Durham, North Carolina, would acquire it for $585 million.

That deal fell through, however, after it was revealed that Global Bankers was being investigated by a federal grand jury for possible criminal misconduct.

Kuvare announced in July that it had a deal in place to buy Lincoln Benefit Life.

A company spokeswoman said that, aside from some anticipated executive departures, there are no job cuts or other changes planned, and Lincoln Benefit Life will continue to operate out of its Lincoln office.

In the near term, Kuvare plans to continue the focus on serving existing policies, but over time, the spokeswoman said, "Kuvare is likely to analyze restarting sales and marketing activities in light of the strong business base, LBL's trusted industry reputation, and Kuvare's expertise in organically growing life and annuity companies."

Reach the writer at 402-473-2647 or [email protected].

On Twitter @LincolnBizBuzz.

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