Kuvare Closes Three Reinsurance Transactions

March 2, 2023

Kuvare Holdings announced the closing of three additional strategic reinsurance transactions over the past two quarters.

A spokesperson said, “These deals bring Kuvare’s total completed reinsurance transactions to ten, and Kuvare now faces seven different highly rated counterparties. These three most recent transactions represent an initial expansion of Kuvare’s reinsurance solutions into international markets, building upon steady multi-year growth of existing core capabilities in the United States reinsurance market.

“These three additional transactions include: Two forward-flow arrangements, each with a separate highly rated Japanese life insurer that has introduced new fixed annuity products for retail sales to Japanese consumers. One block transaction representing reinsurance of in-force annuities issued by a large, highly rated multinational carrier in US dollars, from its Hong Kong platform.

Commenting on these developments, Kuvare founder and CEO, Dhiren Jhaveri, noted, “Markets in Asia are strategically important to Kuvare, which we view as a strong opportunity for the Kuvare organization to apply our expertise as a trusted reinsurance partner. Kuvare’s core focus, of providing financial solutions to middle-market consumers, can be especially impactful to those facing limited investment options in the current Japanese market with near-zero yields. We are pleased to now be working with strong, reputable ceding partners in Asia, and Kuvare looks forward to expanding our reach on the global stage.”

Kevin Hovi, President of Kuvare Life Re Ltd. [Bermuda], also noted, “Expansion into Japan and Hong Kong, through the collection of transactions we are announcing today, reflects the strength and maturity of our institutional markets vertical. In all of these cases, we offered flexible alternatives, by leveraging investment grade strategies directed by asset manager Kuvare Insurance Services, and thereby provided three separate bespoke solutions to our important new cedant partners.”

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