CHICAGO--(BUSINESS WIRE)--Kuvare Holdings (“Kuvare”), a technology-enabled financial services platform focused on delivering life and annuity solutions to the underserved U.S. middle market, and reinsurance solutions to institutional partners worldwide, today announced the formation of Kindley Re Ltd. (“Kindley Re”). Kindley Re, a newly formed Bermuda-domiciled reinsurer, will co-invest at least $400 million with Kuvare in qualifying life insurance and annuity transactions. Kindley Re was formed in partnership with Davidson Kempner Capital Management LP (“Davidson Kempner”) and Kuvare and its affiliates.
Commenting on this launch, Kuvare Chairman and CEO, Dhiren Jhaveri, noted, “Kindley Re now provides significant additional capabilities for our enterprise as we continue to capitalize on attractive opportunities in the marketplace.”
Kindley Re has entered into reinsurance arrangements with Kuvare to participate in qualifying transactions, including both flow reinsurance transactions and block reinsurance transactions, generated by Kuvare’s insurance operating companies.
Kuvare, as sponsor of Kindley Re, will provide operational support to Kindley Re through its Bermuda-based service company. Additionally, Kuvare’s New York-based boutique asset management firm, Kuvare Insurance Services (“KIS”), which specializes in building tailored investment solutions for insurance companies, will serve as investment manager to Kindley Re, with Davidson Kempner also providing asset management support for Kindley Re for selected investment grade focused asset classes.
Michael Stefan, Head of Corporate Development and Strategy at Kuvare, stated, “Kindley Re now provides Kuvare with access to $400 million of additional capital with flexibility to increase over time. This co-investment vehicle provides a unique opportunity for investors seeking to deploy capital in this market segment, while supported by a range of capabilities across Kuvare and KIS.”
Certain entities and investment funds managed or advised by Davidson Kempner have provided the initial equity capital commitment.
About Kindley Re
Kindley Re is an independent, Class E licensed, Bermuda life and annuity reinsurance company. It is a co-investment vehicle to be focused primarily on transactions sourced and underwritten by the Kuvare organization in the life and annuity marketplace. The business will leverage Kuvare’s operational capabilities and benefit from access to world-class investment management, risk management, and strategic planning expertise.
About Kuvare
Founded in 2015, by industry veteran Dhiren Jhaveri and a consortium of long-term capital partners, Kuvare is committed to a sustainable growth strategy as a technology-enabled financial services platform that provides insurance, reinsurance, and asset management solutions. Headquartered in Chicago, Illinois, Kuvare focuses on delivering value-oriented insurance solutions to US middle market consumers, and reinsurance strategy and solutions to leading institutions worldwide. The family of Kuvare companies includes Lincoln Benefit Life Company, Guaranty Income Life Insurance Company, United Life Insurance Company, Kuvare Life Re Ltd. (Bermuda), and Kuvare Insurance Services. For more information about Kuvare, please visit https://kuvare.com.
About Davidson Kempner Capital Management LP
Davidson Kempner Capital Management LP is a global investment management firm with more than 39 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has more than $36 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.
