KKR finalizes acquisition of remaining stake in Global Atlantic
KKR finalizes acquisition of remaining stake in Global Atlantic | Insurance Business America
Insurance News
KKR finalizes acquisition of remaining stake in Global Atlantic
Move follows an initial majority swoop in 2021
Insurance News
By
Kenneth Araullo
Re/insurance investment firm KKR & Co. has finalized its acquisition of the remaining 37% stake in The Global Atlantic Financial Group, a move that brings its total ownership to 100%. This development follows KKR’s initial majority stake acquisition in Global Atlantic in 2021.
Since the initial acquisition, KKR has been managing the assets of Global Atlantic, providing the insurance company with access to its global investment and origination capabilities, it stated.
“Since day one, Global Atlantic has been a great fit for KKR, both from a business and cultural standpoint. With this new ownership structure in place, we look forward to even closer collaboration with Global Atlantic so that we can realize more of the synergies that we have uncovered in the first three years of our strategic partnership,” KKR co-CEOs Joseph Bae and Scott Nuttall said in a joint statement.
“KKR and Global Atlantic are a powerful combination. Our shared culture and commitment to excellence continues to enhance our ability to think – and invest – longer-term and deliver compelling solutions for our clients and policyholders. We are thrilled for what lies ahead as a wholly-owned subsidiary of KKR,” Global Atlantic co-founder, chairman, and CEO Allan Levine said.
Following this acquisition, Global Atlantic will continue to operate under its existing brand and be led by its current management team, ensuring continuity in its operations and services.
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