Kuvare US Holdings, a life insurance and annuity firm, has expanded its offering of life and annuity solutions for the middle market by completing its acquisition of United Life Insurance Company.
Established in 1962, United Life is licensed to operate in 37 US states. The company is represented by about 1,500 independent life agencies.
United Life provides a number of annuity and life insurance products, aimed at middle-market insurance consumers.
Kuvare CEO Dhiren Jhaveri 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.”
The latest acquisition comes after Kuvare’s recent announcement of a commercial agreement to assume nearly $850m of fixed annuity reserves in a reinsurance transaction through its Bermuda subsidiary, Kuvare Life Re (KLR).
“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,” Jhaveri added.
With the acquisition of United Life, Kuvare’s pro forma consolidated assets are now valued at over $3.7bn.