Cordillera Holdings’ subsidiary Bona Holdings has acquired Sunset Life Insurance Company of America (Sunset Life) from Kansas City Life Insurance Company.

The financial terms of the deal were not divulged. However, the initial capital for the acquisition as well as funds to support future operations were provided by Investcorp.

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Sunset Life was founded in 1937 and it primarily operated in the life insurance and annuity markets.

Kansas City Life acquired the firm in 1974. Last year, Kansas City Life reinsured 100% of the company’s then-existing insurance business.

Now, the business will offer retirement-oriented fixed annuity products. It will also offer future policy holders access to an insurer for long-term savings and retirement products.

Sunset Life will outsource its investment management to Investcorp unit Investcorp Insurance Solutions (IIS).

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Industry veteran Nathan Gemmiti will serve as the CEO of the acquired business.

Gemmiti said: “Through my near 20 years of experience in the life and annuity insurance market, I have witnessed the evolution of the industry, and today more than ever the opportunity exists to deliver differentiated savings and retirement income products to customers.

“We believe that a partnership with Investcorp brings a key competitive advantage via access to its long-dated experience and successful track record across a range of investment strategies. This partnership is critical to our ability to design and build products that protect and manage the lifecycle of our customers’ wealth, savings and retirement.”

Cordillera Holdings was founded last year and it focuses on investing in the insurance and reinsurance sector.