Dhiren Jhaveri (Photo: Kuvare)
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.
Resources:
- The Nebraska Department of Insurance order approving the Lincoln Benefit Life acquisition is available here.
- A ThinkAdvisor article about the deal announcement is available here.
- An interview with Dhiren Jhaveri, Kuvare's chief executive officer, is available here.
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.
Lincoln Benefit Life
Lincoln Benefit Life is based in Rosemont, Illinois, and has been in operation since 1938. It's licensed to operate in 49 states and has about 200,000 annuity and variable life policyholders.
The $370 million deal price amounts to an average of about $1,850 per customer relationship.
The Nebraska order describes Lincoln Benefit Life as being in run-off mode, meaning that it's simply servicing in-force business, not writing new business.
