PE funds back Kuvare to invest in insurance companies


Altamont Capital Partners, Makena Capital Management and Access Holdings committed capital to Kuvare Holdings. Based in Chicago, Kuvare is a growth-oriented platform for investing in insurance companies.

PRESS RELEASE

Chicago – March 9, 2016. Kuvare Holdings, a growth-oriented insurance platform, is proud to announce the backing of investors Altamont Capital Partners, Makena Capital Management and Access Holdings, a group that collectively manages more than $20 billion of capital on behalf of stable, long-term oriented investors. 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.

Kuvare is targeting differentiated annuity and life insurance companies to bring into its family of brands. The firm will work with existing management teams to unlock growth by expanding product breadth and distribution as well as implementing tactical asset management strategies. The firm also will partner with reinsurance companies to provide additional services and solutions to primary carriers.

Recognizing the potential for a stable, well-capitalized insurance platform for middle-market consumers, Kuvare’s investors committed funds to support the formation of the firm and sustain its long-term strategy. “Kuvare is an ideal growth partner for existing insurance companies, given its access to substantial, long-term oriented capital sources,” said Keoni Schwartz, Co-Founder and Managing Director of Altamont Capital.

Kuvare was 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). Jhaveri leads a talented team of operators with established track records of success within the top 30 U.S. insurance companies. On the creation of Kuvare, Jhaveri noted, “Despite aging U.S. demographics, middle-market consumers are significantly underserved when it comes to life insurance and supplemental products. With a base of patient capital, Kuvare is well-funded and actively acquiring insurance practices that are in search of an outside growth partner.”

Dave Burke, CEO and Managing Director of Makena Capital Management, added, “We are excited to partner with Dhiren’s team as they continue building world-class products and distribution platforms across the middle market life insurance and annuity landscape.”

“There is a great market opportunity ahead for Kuvare,” said Kevin McAllister, Founding Partner of Access Holdings. “We look forward to working with Dhiren and the entire management team to build great value for Kuvare’s customers and our capital partners over the long-term.”

Kuvare is based in Chicago and partners with companies across the U.S. 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.

About Kuvare Holdings

We provide proven capabilities and patient capital to trigger sustainable growth at leading insurance companies. Founded by industry executive Dhiren Jhaveri and backed by long-term capital partners, Kuvare provides strategic support and substantial resources to help companies pursue and achieve sustainable growth opportunities.

About Altamont Capital Partners

Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with over $1 billion of capital under management. Altamont is focused on investing in middle-market businesses with leading management teams, helping its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, with financial services and insurance, in particular, being a core area of expertise.

About Makena Capital Management

Makena Capital Management is a global, multi-asset class investment manager that provides a range of pooled investment vehicles with the objective of long-term, risk-adjusted capital appreciation. Makena currently manages $20 billion in perpetual capital, providing endowment-style investment solutions to institutional investors around the world. The firm was founded in 2005 by principals from leading North American endowments and foundations.

About Access Holdings

Access Holdings Management Company is a Baltimore-based private investment firm that invests in services-based opportunities within the U.S. and Canada with enterprise values between $50 million and $1.0 billion. Founded in 2013, Access aims to generate attractive, low-volatility returns for our investors through systematic sourcing, focused deployment and thoughtful execution.

 

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