Global financial protection solutions provider Knighthead Insurance Group has announced its acquisition of Merit Life Insurance Co.
Following the acquisition, Merit will operate under the Knighthead Life brand, which will be led by Knighthead Insurance CEO and chief investment officer Edward Massaro. Speaking on the acquisition, Massaro said the brand showcases Knighthead Insurance’s history.
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“Knighthead Life is the culmination of the group’s strategic expansion to the US following our successful 10-year history in the international direct and reinsurance markets,” said Massaro.
“Knighthead Insurance’s capital support and successful track record will serve as an extremely strong basis for the launch of a market leading insurer.”
With the launch of Knighthead Life, Knighthead Insurance continues its strategic expansion into the US market as it capitalizes the country’s growing needs when it comes to retirement, along with the demand for secure insurance products.
Knighthead Life has launched a new multi-year guaranteed annuity (MYGA) that offers a way to protect retirement savings while also earning a guaranteed rate of returns. This will be supported by its capital position strength, which has been recognized through AM Best’s awarding of an A- rating in November.
Knighthead Insurance Group co-chairman and Knighthead Capital Management co-founder Tom Wagner expressed his excitement about the acquisition.
“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,” said Wagner.
Knighthead Insurance Group was founded in 2014 with the incorporation of Knighthead Annuity & Life Assurance Company. The acquisition of Merit followed the group’s recent raise in capital, which amounted to $550 million.
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