With GILICO and KLR in place, Kuvare’s platform to provide life and annuity solutions to middle-market customers will
continue to grow through its acquisition-led strategy

CHICAGO–(BUSINESS WIRE)– Kuvare Holdings LP (“Kuvare” or “The Company”), a growth-oriented insurance
platform, is pleased to announce the completion of its purchase of Guaranty Income Life Insurance Company
(“GILICO”) and, separately, the establishment of a new reinsurer, Kuvare Life Re Ltd. (“KLR”), and execution of a
closed-block reinsurance transaction with a highly rated insurance company. With the completion of these two
transactions, Kuvare’s consolidated assets exceed $1 billion.

GILICO, a Legal Reserve Life Insurance Company based in Baton Rouge, LA, is licensed in 31 states and focuses on
protecting middle-market customers through the sale of annuities, life insurance and supplemental insurance products.
Kuvare’s acquisition received final approval from the Louisiana Department of Insurance last week. GILICO’s
headquarters, management team and staff will remain in Baton Rouge.

KLR’s initial reinsurance transaction includes a portfolio of fixed annuity products from a highly rated insurance
company. In establishing KLR, a Bermuda Monetary Authority, registered Class E Insurer, Kuvare is well positioned to
provide flexible capital solutions to the life insurance and annuity market.

“It has been a pleasure to work with GILICO’s management team over the last year and we look forward to continuing
to work with them as we expand the business and seek new opportunities in the years to come,” said Kuvare CEO
Dhiren Jhaveri. “With GILICO and KLR, Kuvare’s platform is now well equipped to serve middle-market customers.
These strategic acquisitions are the foundation for our operating model going forward – unlocking growth by expanding
product breadth and distribution, as well as implementing tactical asset management strategies and partnering with
insurance carriers to provide additional services and solutions.”

“We look forward to expanding Kuvare’s capabilities, as we continue to grow new products and services for middlemarket
customers,” added Jhaveri. For the GILICO transaction, Sandler O’Neill + Partners, L.P. was the financial
advisor to Kuvare, with Sidley Austin LLP and Jones Walker LLP acting as legal counsel. For the formation of KLR and
execution of the initial reinsurance transaction, Appleby (Bermuda) Limited and Sidley Austin LLP served as legal
counsel.

About Kuvare Holdings LP

Kuvare provides proven capabilities, strategic support, substantial resources and patient capital to help leading
insurance companies pursue and achieve sustainable growth opportunities. It was founded by industry executive
Dhiren Jhaveri and is backed by a consortium of long-term capital firms including Altamont Capital Partners, Makena
Capital Management and Access Holdings (a group collectively managing more than $20 billion). With its patient
capital, Kuvare targets differentiated annuity and life insurance companies to bring into its family of brands. Kuvare is
based in Chicago and partners with companies across North America. www.kuvare.com

Contacts
Fund Lab
Alex Jeffrey
[email protected]
847.921.4099

Source: Kuvare Holdings LP