Kuvare Announces Formation Of Kindley Re

January 13, 2023

Kuvare Holdings has announced the formation of Kindley Re Ltd, a Bermuda-domiciled reinsurer.

A spokesperson said, “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.”

Kuvare Chairman and CEO, Dhiren Jhaveri, said, “Kindley Re now provides significant additional capabilities for our enterprise as we continue to capitalize on attractive opportunities in the marketplace.”

The spokesperson said, “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, said, “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.”

The spokesperson said, “Certain entities and investment funds managed or advised by Davidson Kempner have provided the initial equity capital commitment.”

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