Kuvare US Holdings a Chicago based insurance services provider has announced the completion of its acquisition of Lincoln Benefit Life Company (LBL) and its affiliates.

With the completion of the deal, which was first announced in July last year, Kuvare’s combined assets are valued at more than $22bn.

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Kuvare CEO Dhiren Jhaveri said: “Kuvare’s strong momentum continues with the addition of a third US-based insurance carrier. LBL significantly enhances the scale and breadth of our business, and adds product and distribution capabilities to further enable our strong growth trajectory.

“The acquisition of LBL reinforces our commitment to deliver great insurance solutions to the middle market.”

Kuvare’s COO Carlos Sierra has been named as the new president of LBL.

Sierra commented: “LBL is an excellent addition to the growing Kuvare family of businesses. LBL has been a strong life insurance and annuity leader for over eight decades and adds approximately 200,000 policyholders to Kuvare’s base.

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“LBL expands Kuvare’s product portfolio with differentiated annuity and variable life products, and the Lincoln Benefit brand is recognized throughout the country for insurance excellence. Furthermore, LBL’s operating capabilities and its experienced staff will contribute greatly to, and benefit from, Kuvare’s platform.”

Since 2016, Kuvare has acquired three insurance businesses operating in the US, namely Guaranty Income Life Insurance Company, located in Baton Rouge, Louisiana, United Life Insurance Company located in Cedar Rapids, Iowa and LBL in Lincoln, Nebraska.