The completed acquisition broadens the company’s life and annuity offerings for the middle market.
2 April 2018 Kuvare US Holdings, Inc. (“Kuvare”), a life and annuity company focused on expansion, is happy to announce the closing of its acquisition of United Life Insurance Company (“United Life” or “The Company”). Kuvare’s pro forma consolidated assets are now valued at over $3.7 billion as a result of this new acquisition.
United Life was started in 1962 and has since evolved to become one of the most well-known life insurance companies in the United States. United Life, based in Cedar Rapids, Iowa, is licensed in 37 states and is represented by about 1,500 independent life agencies “A.M. Best Company has given it a “A- Excellent” rating. The company provides a full range of annuity and life insurance products to middle-market insurance customers.
“We are ecstatic that United Life has joined Kuvare’s expanding family of businesses. In Cedar Rapids, United Life has an experienced and devoted team, long-standing partnerships with distribution partners, and a wide range of compelling and value-oriented product solutions. Kuvare CEO Dhiren Jhaveri stated, “Our goal is to assist United Life thrive by boosting its business and increasing its legacy of exceptional financial solutions for middle market consumers.”
Kuvare recently announced a commercial agreement to assume approximately $850 million in fixed annuity reserves in a reinsurance transaction through its Bermuda subsidiary, Kuvare Life Re Ltd. ( ) The latest acquisition for the growing middle-market insurance platform follows Kuvare’s recent announcement of a commercial agreement to assume approximately $850 million in fixed annuity reserves in a reinsurance transaction through its Bermuda subsidiary, Kuvare Life Re Ltd. ( ) “KLR”) Kuvare has grown its portfolio of growth-oriented insurance firms and greatly increased its reinsurance business since its founding in 2015.
“The addition of United Life to Guaranty Income Life Insurance Company and KLR strengthens our company’s basis for future growth. Kuvare is well positioned for expansion, and we will continue to bring new and attractive solutions to our middle market customers,” Jhaveri said.
RBC Capital Markets, LLC served as Kuvare’s exclusive financial advisor, while Debevoise & Plimpton LLP served as legal counsel in the United Life transaction.
Kuvare is a life and annuity company focusing on providing value-oriented solutions to the middle market through its subsidiaries. Kuvare is devoted to a long-term growth strategy, backed by a group of long-term capital firms that manage over $20 billion in assets. Kuvare has pro forma consolidated assets of nearly $3.7 billion after acquiring United Life and completing a second reinsurance transaction through its Bermuda subsidiary, Kuvare Life Re. Ltd.
Who bought United Life Insurance?
- United Life Insurance was established in 1962 in Cedar Rapids, Iowa, but was purchased by Kuvare Holdings in 2018.
- In addition to annuity products, whole, term, and universal life insurance are provided.
- United does not provide much specifics on its website, instead directing you to an agent in one of its 37 service areas.
- Pricing is determined by one of five underwriting classes, which take into account age and medical history.
Is ReliaStar now VOYA?
Voya Financial, one of the top suppliers of group retirement, investment, and insurance solutions, owns ReliaStar Life Insurance. In the year 2000, Voya purchased ReliaStar. ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York, which operate in all 50 states and Washington, D.C., underwrite all of Voya’s group life insurance policies today.
Through Voya’s Employee Benefits division, mid- and large-sized businesses can acquire ReliaStar-underwritten group life insurance. Voya does not sell individual policies at this time. You must phone the firm or send an email request through the website to acquire group coverage.
Who bought Financial life Assurance Company of Canada?
The Great-West Life Assurance Company is owned entirely by Great-West Lifeco, a joint-stock corporation listed on the Toronto Stock Exchange. The dominant shareholder, Power Financial Corporation (PFC), holds 72 percent of Great-West Lifeco, the only one of those financing companies to be included in the stock exchange composite index. Irish Life, Great-West Financial, and Putnam Investments are some of the other functioning companies.
Great-West Lifeco paid US$4.7 billion in 2003 for Canada Life Financial, which later amalgamated with Great-West Life Assurance Company.
On November 26, 2007, Great-West Life announced the sale of its health insurance operation in the United States to Cigna for US$1.5 billion. Great-West was attempting to grow into western America.
Who took over National Life Insurance Company?
The National Sick and Accident Association, a mutual firm, was founded in 1900 as the forerunner to National Life and Accident. It was quickly reconstituted as a stock corporation and given the name National Life. In 1982, American General Corporation purchased it.
“We Shield Millions,” was National Life & Accident’s motto. The call letters “WSM” on the Grand Ole Opry microphones represented the insurance company’s philosophy; the radio station and the Opry were controlled by National Life until the 1980s.
Who bought Western Reserve Life?
BALTIMORE, MARYLAND A subsidiary of Aegon USA Inc. purchased Western Reserve Life Insurance Co. of Ohio and two other businesses from a unit of Enstar Group Inc. on Tuesday.
Is ing the same as reliastar?
Voya Financial will now concentrate on retirement planning, investment management, and employee benefits. We’ve previously recommended Voya Financial, formerly known as Reliastar or ING, for life insurance. You may recall the commercials for orange money.
How do I contact reliastar life insurance?
Plans for Retirement
- Voya Retirement Insurance and Annuity Company is a company that provides retirement insurance and annuities. Monday through Friday, 8:00 a.m. to 9:00 p.m. ET. 800-584-6001.
- ReliaStar Life Insurance Company is a life insurance company based in the United States. Monday through Friday, 9:00 a.m. to 7:00 p.m. ET. 877-884-5050.
- Choose Advantage. Voya Retirement Insurance and Annuity Company issued the contracts.
Who bought life insurance of the Southwest?
National Life has insured everyone from celebrities to working people over the course of its 173-year history, including passengers on the Titanic and the Hindenburg, as well as victims of the 1918-19 influenza outbreak.
The Vermont Legislature established the National Life Insurance Company on November 13, 1848.
National Life began selling policies in 1850 after a period of formation, and it was only a matter of months before it faced its first claim. Rowland Allen of Ferrisburgh, Vermont, was one of the young men who set out to pursue gold in California. He purchased two insurance, each with a $500 face value.
Allen, on the other hand, died of dysentery just as the long journey around the tip of South America was coming to a close. The new National Life couldn’t afford to pay Allen’s widow $1,000 since it didn’t have enough cash on hand. However, the company’s directors and officials took out personal loans and negotiated with a local bank to settle the claims.
National Life has survived a slew of additional adversities. During the Spanish influenza outbreak of 1918-19, the business paid out over $1 million in claims while continuing to pay World War I claims.
The company grew into National Life Group, which now provides a comprehensive range of financial services. Equity Services, Inc., a broker-dealer affiliate, was established in 1968. Eight years later, National Life bought Sentinel Advisors, which currently manages the investment portfolio that backs the company’s insurance holdings. National Life bought the majority of Life Insurance Company of the Southwest (LSW) in 1996, and three years later, the remaining portion.
The member firms of National Life Group sell life insurance, annuities, and investments in every state (with the exception of New York, where LSW is not regulated).