Kuvare US Holdings, the life insurance and annuity company, has completed its acquisition of Lincoln Benefit Life Company and its affiliates (LBL).
First announced in July 2019, the acquisition brings Kuvare’s pro forma consolidated assets to over $22 billion.
Formerly owned by RL LP, LBL is the third operating US life insurance business to be acquired by Kuvare since 2016.
In addition to LBL, Kuvare owns Guaranty Income Life Insurance Company, located in Baton Rouge, Louisiana, and United Life Insurance Company, located in Cedar Rapids, Iowa.
“Kuvare’s strong momentum continues with the addition of a third US-based insurance carrier,” said Dhiren Jhaveri, Chief Executive Officer (CEO) of Kuvare.
“LBL significantly enhances the scale and breadth of our business, and adds product and distribution capabilities to further enable our strong growth trajectory,” Jhaveri added. “The acquisition of LBL reinforces our commitment to deliver great insurance solutions to the middle market.”
Kuvare’s Chief Operating Officer and newly appointed LBL President, Carlos Sierra, also commented: “LBL is an excellent addition to the growing Kuvare family of businesses. LBL has been a strong life insurance and annuity leader for over eight decades and adds approximately 200,000 policyholders to Kuvare’s base.”
Sierra continued: “LBL expands Kuvare’s product portfolio with differentiated annuity and variable life products, and the Lincoln Benefit brand is recognized throughout the country for insurance excellence.”
“Furthermore, LBL’s operating capabilities and its experienced staff will contribute greatly to, and benefit from, Kuvare’s platform.
For the LBL transaction, Kuvare was supported by its financial advisor, J.P. Morgan Securities LLC, and its legal advisor, Sidley Austin LLP.
