Kuvare Holdings, a Chicago, IL-based growth-oriented insurance platform, received a private equity investment of undisclosed amount.
Backers included Altamont Capital Partners, Makena Capital Management and Access Holdings.
Founded by Dhiren Jhaveri, a former executive of Sammons Financial Group (SFG), the holding company for Midland National Life Insurance Company and North American Company for Life and Health (NACOLAH), Kuvare will deliver diversified annuities, life insurance, and supplemental products to the middle-income and mass-affluent consumer segments through its acquisition-led growth strategy. The firm will work with existing management teams to expand product breadth and distribution as well as implementing tactical asset management strategies. It also will partner with reinsurance companies to provide additional services and solutions to primary carriers.
In October, Kuvare announced the acquisition of Guaranty Income Life Insurance Company (GILICO), a Legal Reserve Life Insurance Company based in Baton Rouge, LA and licensed in 31 states.