US non-public fairness firm KKR has accomplished the acquisition of the remaining 37% stake in insurance coverage firm World Atlantic.
Introduced in November 2023, the all-cash $2.7bn deal takes KKR’s possession within the insurer to 100%.
World Atlantic caters to the retirement and life insurance coverage necessities of each people and establishments.
KKR initially acquired a majority stake in World Atlantic in 2021 and has since managed its belongings.
Regardless of the change in possession, World Atlantic will retain its present administration group and proceed to function beneath the identical model title.
KKR co-CEOs Joseph Bae and Scott Nuttall mentioned: “Since day one, World Atlantic has been a terrific match for KKR, each from a enterprise and cultural standpoint. With this new possession construction in place, we sit up for even nearer collaboration with World Atlantic in order that we will realise extra of the synergies that we’ve got uncovered within the first three years of our strategic partnership,”
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World Atlantic co-founder, chairman and CEO Allan Levine mentioned: “KKR and World Atlantic are a strong mixture. Our shared tradition and dedication to excellence continues to boost our skill to assume – and make investments – longer-term and ship compelling options for our purchasers and policyholders. We’re thrilled for what lies forward as an entirely owned subsidiary of KKR.”
In September 2023, KKR reached an settlement to extend its stake in USI by investing $1bn.
Following the completion of the deal, KKR will grow to be USI’s largest shareholder.
