Guaranty Income Life Insurance Company, an affiliate of Kuvare US Holdings, has agreed to acquire Lincoln Benefit Life Company and its affiliates (LBL), all subsidiaries of RL LP.

Upon completion of the transaction, LBL will become the third operating US life insurance business acquired by Kuvare since 2016.

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The acquired business will join Guaranty Income Life Insurance Company, with headquarters in Louisiana, and United Life Insurance Company, located in Cedar Rapids, Iowa.

Once the transaction is closed, Chicago-based Kuvare together with its Bermuda-based reinsurance firm Kuvare Life Re will have pro forma consolidated assets of more than $13bn.

Kuvare CEO Dhiren Jhaveri said: “Kuvare looks forward to LBL shortly joining our growing life and annuity insurance business. The LBL organisation has been a leader within the US life insurance industry for decades, and the Lincoln Benefit brand is recognised throughout the country for insurance excellence.”

Kuvare COO Carlos Sierra said: “For Kuvare, this is an excellent fit, as it provides tremendous strategic value through its nationwide scale, strong operating capabilities, and a team of talented and experienced professionals that have greatly impressed us throughout the sale process.

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“LBL is a strong complement to Kuvare’s other insurance businesses and will help us achieve our long-term growth objectives.”

The deal is subject to customary closing conditions, including regulatory approval by the Nebraska Department of Insurance, the domiciliary regulator of LBL. It is scheduled to be completed by the end of 2019.

LBL offers life insurance and annuity solutions and serves more than 200,000 policyholders across 49 states in the US.