Kuvare Closes on Lincoln Benefit Life
January 8, 2020 by Allison Bell
A young company that says it wants to become a real life and annuity player, not just manage old blocks of business, now owns Lincoln Benefit Life Company — a life insurer that once helped power Allstate Corp.’s annuity operations.
Kuvare US Holdings Inc. said Monday that it completed the purchase of Lincoln Benefit Life, and Lincoln Benefit Life affiliates, Dec. 31.
The Chicago-based life insurance holding company announced the Lincoln Benefit Life deal in July.
Kuvare bought Lincoln Benefit Life through a life insurer it acquired earlier, Guaranty Income Life Insurance Company.
In July, Kuvare and Lincoln Benefit Life did not announce a deal price.
The Nebraska Department of Insurance had jurisdiction over the deal. Bruce Ramge, the Nebraska insurance director, approved the deal. In the order approving the deal, which is dated Dec. 5, 2019, the department states that the net price of the deal is about $370 million.