Baton Rouge-based Guaranty Income Life Insurance Co. has been sold to Kuvare US Holdings of Chicago for an undisclosed amount in a deal that closed today.
The transaction was first announced in October 2015 and was subject to approval from the Louisiana Department of Insurance.
Guaranty Income Life Insurance Co., its staff and management team will remain in Baton Rouge, according to a news release. The company also will retain its name and structure, and John Lancaster will continue to serve as Guaranty’s president.
“The Kuvare acquisition of GILICO will allow us to accelerate our growth,” Lancaster says in the news release. “The capital flexibility, along with the seasoned insurance professionals added to our dedicated staff, will allow us to grow our premiums and develop new products for our producers and their clients.”
According to the release, Kuvare plans to add additional financial and human capital to drive the growth of Guaranty while continuing to provide competitive, consumer-oriented annuities and life insurance products.
The acquisition also will help Guaranty achieve its sales objectives as the company prepares to introduce new fixed annuities and other related products while growing sales of its signature AnnuiCare product, the release says.
In a statement, Guaranty Corp. President Flynn Foster again called the acquisition a “win-win” for the company’s employees.
“Today is a great day for the patient, long-term shareholders of Guaranty Corporation. My grandfather’s vision, almost a century ago, and my father’s steadfast determination to see that vision through, brought us to where we are today,” Foster says.
Guaranty Corp.’s subsidiaries, Guaranty Media Ventures, Guaranty Senior Living and Guaranty Real Estate Management, will continue to be separate entities and remain a part of Guaranty Corp.
“We have several other growing businesses to which we remain committed,” Foster says. “We are very excited about what the future holds for all of our companies and the new opportunities we will be pursuing.”
Guaranty Income Life Insurance Co. was founded in 1926 and is licensed to operate in 31 states.
