Kindley Re has raised $250 million in additional equity capital, following a $400 million funding round tied to US and Asian life and annuity liabilities.
The earlier $400 million raise supported reinsurance of life and annuity obligations sourced through Kuvare Holdings, including both flow and block transactions generated by its insurance operating companies, according to previously reported details. That capital formed part of a co-investment structure alongside Kuvare, with flexibility to deploy funds into qualifying transactions.
The new commitments came from institutional investors across the US, Latin America, Europe, and Asia. The company said the capital will be used to support additional reinsurance activity in coordination with Kuvare.
Kindley Re operates as a Bermuda-based Class E life and annuity reinsurer, providing capacity for transactions sourced, negotiated, and underwritten by Kuvare entities. Its business model centers on quota share arrangements and funds withheld structures tied to annuity and life portfolios.
The platform was formed by Davidson Kempner Capital Management in partnership with Kuvare. Kuvare provides operational support through its Bermuda service company, while its affiliated asset management unit serves as investment manager. Davidson Kempner also supports selected investment-grade asset allocations.
Kuvare’s role extends across origination, underwriting, and asset management, linking insurance liabilities with institutional capital. The structure allows Kindley Re to participate in liabilities generated within Kuvare’s insurance group, which includes US-based carriers and Bermuda reinsurance entities.
At year-end 2024, Kindley Re reported total assets of approximately $3.09 billion, including $2.53 billion in funds withheld assets tied to ceded portfolios. Liabilities included $2.64 billion in future policy benefit reserves, largely related to annuity business.
The company’s invested assets included about $284.89 million in fixed maturity securities, primarily asset-backed and mortgage-backed instruments.
The follow-on capital raise continues the build-out of a platform designed to connect third-party capital with life and annuity liabilities. The model reflects a structure used by several Bermuda-based reinsurers, where asset-intensive liabilities are paired with institutional investment strategies.
Kindley Re’s approach relies on funds withheld and modified coinsurance arrangements, allowing cedants to retain legal ownership of assets while transferring economic exposure to the reinsurer.
“Kindley Re offers investors access to a diversified portfolio of life and annuity exposures alongside a strong institutional sponsor base. This capital raise is an important milestone as we continue to scale and seek to deliver long-term value to our investors and sponsor ceding companies,” said Dhrubo Krishnaiyer, chief executive officer of Kindley Re.
