Technology-enabled financial services platform, Kuvare Holdings, has announced the formation of Bermuda-domiciled reinsurer, Kindley Re Ltd, which will co-invest at least $400 million with Kuvare in qualifying life insurance and annuity transactions.
Kindley Re was formed in partnership with Davidson Kempner Capital Management LP, alongside Kuvare and its affiliates.
Kuvare has stated that Kindley Re has entered into reinsurance arrangements to participate in qualifying transactions, including both flow reinsurance transactions and block reinsurance transactions, generated by Kuvare’s insurance operating companies.
As the sponsor of Kindley Re, Kuvare will provide operational support to the reinsurer through its Bermuda-based service company.
In addition, Kuvare’s New York-based asset management firm, Kuvare Insurance Services, will serve as investment manager to Kindley Re, with Davidson Kempner also providing asset management support for Kindley Re for selected investment-grade focused asset classes.
Kuvare Chairman and CEO, Dhiren Jhaveri, said, “Kindley Re now provides significant additional capabilities for our enterprise as we continue to capitalise on attractive opportunities in the marketplace.”
Michael Stefan, Head of Corporate Development and Strategy at Kuvare, added, “Kindley Re now provides Kuvare with access to $400 million of additional capital with the flexibility to increase over time.
“This co-investment vehicle provides a unique opportunity for investors seeking to deploy capital in this market segment, while supported by a range of capabilities across Kuvare and KIS.”
