Kuvare Holdings has announced the closing of three additional strategic reinsurance transactions over the past two quarters, bringing the total number of completed reinsurance transactions to ten.
Kuvare notes that these three most recent transactions represent an initial expansion of its reinsurance solutions into international markets.
This includes two forward-flow arrangements, each with a separate highly rated Japanese life insurer that has introduced new fixed annuity products for retail sales to Japanese consumers; in addition to one block transaction representing reinsurance of in-force annuities issued by a large, highly rated multinational carrier in US dollars, from its Hong Kong platform.
The firm’s founder and CEO, Dhiren Jhaveri, commented, “Markets in Asia are strategically important to Kuvare, which we view as a strong opportunity for the Kuvare organization to apply our expertise as a trusted reinsurance partner.
“Kuvare’s core focus, of providing financial solutions to middle-market consumers, can be especially impactful to those facing limited investment options in the current Japanese market with near-zero yields.
“We are pleased to now be working with strong, reputable ceding partners in Asia, and Kuvare looks forward to expanding our reach on the global stage.”
Kevin Hovi, President of Kuvare Life Re Ltd. (Bermuda), added, “Expansion into Japan and Hong Kong, through the collection of transactions we are announcing today, reflects the strength and maturity of our institutional markets vertical.
“In all of these cases, we offered flexible alternatives, by leveraging investment grade strategies directed by asset manager Kuvare Insurance Services, and thereby provided three separate bespoke solutions to our important new cedant partners.”
At the beginning of the year, Kuvare announced the formation of Bermuda-domiciled reinsurer, Kindley Re Ltd, in partnership with Davidson Kempner Capital Management LP.
At the time, it was reported that Kindley Re would co-invested at least $400 million with Kuvare in qualifying life insurance and annuity transactions.
