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Kuvare Activates Platform with Closing of Gilico Acquisition & Formation of Reinsurance Co.
Chicago – October 7, 2016. Kuvare Holdings LP (“Kuvare” or “The Company”), a growth-oriented insurance platform, is pleased to announce the completion of its purchase of Guaranty Income Life Insurance Company (“GILICO”) and, separately, the establishment of a new reinsurer, Kuvare Life Re Ltd. (“KLR”), and execution of a closed-block reinsurance transaction with a highly rated insurance company.
Guaranty Income Life Insurance in Baton Rouge being acquired by Kuvare Holdings
Baton Rouge-based Guaranty Income Life Insurance Co. is being acquired by Kuvare US Holdings Inc. for an undisclosed price. The deal, which is subject to approval from the Louisiana Department of Insurance, is set to close in several months. GILICO will remain based in Baton Rouge, along with its management team and staff, and the company name and organizational structure will remain the same, Kuvare said. GILICO, founded in 1926, is licensed to do business in 31 states, marketing individual fixed annuities and universal life products. It has about 20 employees.
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