Kuvare U.S Holdings, Inc. has announced the completion of its acquisition of United Life Insurance Company, a prominent U.S life re/insurer and subsidiary of United Fire Group (UFG).
The acquisition brings the value of Kuvare’s consolidated assets to $3.7 billion, and the company will also benefit from United Life’s complete line of annuity and life insurance products, which all focus on middle-market re/insurance consumers.
United Life is based in Cedar Rapids, IA, is rated ‘A- Excellent’ by A.M. Best, and is active across 37 states and represented by 1,500 independent life agencies.
Dhiren Jhaveri, Kuvare’s Chief Executive Officer (CEO), said: “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.”
Founded in 2015, the Kuvare organisation delivers value-oriented life and annuity solutions to the middle market, and is backed by a consortium of long-term capital firms collectively managing more than $20 billion.
The completion of the United Life purchase follows Kuvare’s recent announcement that it will assume $850 million of fixed annuity reserves through its Bermuda subsidiary, Kuvare Life Re (KLR).
Jhaveri added: “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.”
