Knighthead Insurance CEO and chief investment officer Edward Massaro will lead Knighthead Life. Credit: Pro.Sto/Shutterstock.

Knighthead Insurance Group has expanded with the purchase of Merit Life Insurance for an undisclosed sum. 

Now operating under the Knighthead Life brand, Merit will offer digital-first solutions.  

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Knighthead Life aims to develop “competitive products and efficient processes” to serve its partners. 

Knighthead Insurance CEO and chief investment officer Edward Massaro will head Knighthead Life.  

Massaro stated: “Knighthead Life is the culmination of the group’s strategic expansion to the US following our successful ten-year history in the international direct and reinsurance markets. Knighthead Insurance’s capital support and successful track record will serve as an extremely strong basis for the launch of a market leading insurer.” 

Knighthead Life has introduced a multi-year guaranteed annuity product, designed to provide a secure option for retirement savings with a “guaranteed” rate of return.  

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Founded in 2014, Knighthead Insurance Group manages nearly $5.5bn of annuity reserves through its original entity, Knighthead Annuity & Life Assurance Company.  

It follows the group’s capital raise of $550m and is part of its strategy to expand its annuity market presence across the US and globally in reinsurance lines of business. 

Knighthead Insurance Group co-chairman and Knighthead Capital Management co-founder Tom Wagner said: “Merit’s consumer-centric approach, focus on technology and innovative retirement solutions made it an ideal fit for Knighthead Insurance. The newly branded Knighthead Life is pivotal to fulfilling our long-term business objectives of bringing Knighthead’s insurance and reinsurance expertise to the United States.”