Guaranty Income Life Insurance Company, an affiliate of Kuvare US Holdings, Inc., has entered into a definitive agreement to acquire Lincoln Benefit Life Company and its affiliates (“LBL”), all subsidiaries of RL LP (the “Transaction”).
In a statement, Kuvare said that it expects that the Transaction will close by year-end and that it is subject only to customary closing conditions, including regulatory approval by the Nebraska Department of Insurance, the domiciliary regulator of LBL.
Kuvare's chief executive officer, Dhiren Jhaveri, commented on the Transaction, “Kuvare looks forward to LBL shortly joining our growing life and annuity insurance business. The LBL organization has been a leader within the U.S. life insurance industry for decades, and the Lincoln Benefit brand is recognized throughout the country for insurance excellence. Over its 80-year track record, most recently under the ownership of RL LP, LBL has a rich tradition of offering high quality policyholder service.”
Kuvare's chief operating officer, Carlos Sierra, noted, “For Kuvare, this is an excellent fit, as it provides tremendous strategic value through its nationwide scale, strong operating capabilities, and a team of talented and experienced professionals that have greatly impressed us throughout the sale process. LBL is a strong complement to Kuvare's other insurance businesses and will help us achieve our long-term growth objectives.”
LBL will become the third operating US life insurance business acquired by Kuvare since 2016. It will join Guaranty Income Life Insurance Company, with headquarters in Baton Rouge, Louisiana, and United Life Insurance Company, located in Cedar Rapids, Iowa. Including Kuvare's Bermuda-based reinsurance firm, Kuvare Life Re, upon closing the Transaction, Chicago-based Kuvare will have pro forma consolidated assets exceeding $13 billion.
Kuvare was advised on the Transaction by its financial advisor, J.P. Morgan Securities LLC, and its legal advisor, Sidley Austin LLP.
RL LP was advised on the Transaction by its financial advisor, Morgan Stanley & Co. LLC, and its legal advisor, Debevoise & Plimpton LLP.
Learn more: www.kuvare.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].