Asset management firm Obra Capital has announced that it has completed the acquisition of Unified Life Insurance Company and appointed a new head of longevity.
Unified, founded in 1986, is a life and health insurance carrier with about 100,000 active policyholders and 49 associated licenses. During the past 30 years, Unified has acquired more than 50 blocks of business from 27 companies, building its expertise in reinsurance M&A, Obra Capital said.
Obra is one of the largest investors in life settlement longevity assets, which are attractive to investors seeking uncorrelated outcomes, predictable cash flows and asymmetrical risk profiles. The acquisition of Unified will provide Obra with immediate access to life insurance markets and bolster its longevity footprint.
Obra, meanwhile, boasts deep industry relationships that will allow it to source blocks of complementary liabilities for Unified. The deal will also create complementary investment opportunities, including in reinsurance and primary issuance, along with the ability to grow the platform further through additional mergers and acquisitions.
“We are pleased to welcome the Unified team and the business and the platform they will continue to grow with Obra,” said Blair Wallace, president and CEO of Obra. “Unified is a natural fit within our evolving and differentiated longevity strategy that is designed to balance longevity and mortality risk to provide investors with expected stable and resilient cash flows, lower overall portfolio volatility, and greater targeted absolute returns. We believe this is a unique offering that extends beyond traditional life settlement longevity investment approaches.”
Obra has also announced the appointment of Anthony J. Annino as senior managing director and head of longevity.
In his new role, Annino will be responsible for overseeing Obra’s longevity portfolio management and strategy. He will report to Wallace. Annino succeeds William Ketterer, who has left the role to pursue another opportunity.
Prior to joining Obra, Annino served as CEO of RiverRock Funds. In that role, he led a team overseeing multiple longevity-dedicated funds. Obra has also served as president and chief investment officer at Perspecta Trust, a $12.5 billion multi-family asset manager that was sold in 2019.
“We’re excited for Tony to join the firm and lead our longevity business as we continue to evolve our strategy and portfolio to include life insurance in addition to life settlements,” Wallace said. “Building a balanced portfolio between longevity and mortality risk requires strategic foresight, regulatory knowledge, and strong industry relationships, all of which Tony has successfully demonstrated throughout his notable career. We are grateful to Will for his contributions to Obra and wish him continued success in his next endeavor.”
“Obra’s combination of Unified Life Insurance, a newly acquired life insurance platform, with one of the largest vertically integrated longevity-dedicated teams in the industry, makes this an exciting time to be joining the business,” Anino said. “I am eager to capitalize on Obra’s platform and to introduce investors to its differentiated longevity strategy.”
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