Kuvare Holdings has signed a reinsurance agreement to assume $850 million of fixed annuity reserves through its Bermuda subsidiary, Kuvare Life Re (KLR).
The reinsurance agreement is in partnership with a leading international insurer and provides financing support for a multi-billion dollar corporate transaction.
Kuvare is a re/insurance platform within the U.S. life and annuity marketplace – in recent months its executed multiple reinsurance transactions through its subsidiary KLR.
Kuvare founder & CEO Dhiren Jhaveri, commented on the transaction; “we’re incredibly proud of our track record of rapidly establishing a premier life and annuity insurance platform that delivers valuable solutions to consumers seeking growth and protection of their wealth.
“This transaction is a prime example of our successful strategy of driving growth in our reinsurance business. Kuvare will continue to distinguish itself as a trusted and reliable reinsurance solution provider for insurance companies seeking a partner with extensive expertise in this space.”
Founded in 2015, the Kuvare organization delivers value-oriented life and annuity solutions to the middle market, Kuvare is backed by a consortium of long-term capital firms collectively managing more than $20 billion.
Last year it acquired Guaranty Income Life Insurance Company and signed a definitive agreement in September 2017 to purchase United Life Insurance Company.
Including the KLR reinsurance transaction and the acquisition of United Life, Kuvare has pro forma consolidated assets of over $3.5 billion.
