New YorkAnd November 2, 2021 /PRNewswire/ – Cordillera Holdings LLP (“Cordillera Holdings”), a newly created insurance-focused investment platform, announced today that November 1St, through its subsidiary, Bona Holdings LLC, has completed the acquisition of Sunset Life Insurance Company of America (“Sunset Life” or “The Carrier”) with veteran pension industry CEO Nathan (“Nate”) Gemmiti serving as CEO of the company. Transporter. The seed capital for the acquisition and future growth of the platform is provided by Investcorp, a leading global provider and manager of alternative investment products.
Founded in 1937, Sunset Life was previously a subsidiary of the seller Kansas City Life Insurance Company. employment December 31, 2020, Sunset Life has reinstated 100% of its then-existing insurance business to Kansas City Life, which will provide all of the ongoing management of such business.
Mr. Gemmiti joined from Knighthead Annuity and Life Insurance Company where he served as Co-Founder, Chief Operating Officer and General Counsel. Previously, he was an operating partner at Apollo Global Management, where he worked on several financial services initiatives, including the initial launch and growth of Athene.
Under the new leadership and direction of Mr. Gemmiti, the business will focus on being a stable long-term provider of retirement-oriented fixed pension products and deliver them through a platform that leverages innovative technology to provide a better experience for both customers and distribution partners. With insurance licenses in more than 40 states, the carrier will offer future policy holders United State Access to a well-managed, well-capitalized insurance company that offers important long-term savings and retirement products.
As part of the deal, Cordillera also announced that the carrier will outsource its investment management to Investcorp Insurance Solutions (“IIS”), a newly formed business group of Investcorp that will focus on providing investment management services to meet the unique investment needs of insurers.
“With nearly 20 years of experience in the life and pension insurance market, I have watched the industry evolve, and today more than ever we have the opportunity to offer differentiated savings and retirement income products to clients. We believe that partnering with Investcorp provides a key competitive advantage by Access to its long-standing experience and track record of success across a range of investment strategies. This partnership is essential to our ability to design and build products that protect and manage the lifecycle of our clients’ wealth, savings and retirement,” said Mr. Al Jumiti.
Rishi Kapoor“This is an exciting milestone following the launch of our insurance solutions business last month. We look forward to leveraging our investment management expertise in partnership with Nate and his team,” added Investcorp’s Co-CEO.
The financial terms of the deal were not disclosed.
Founded in 2020 with seed capital from Investcorp and its subsidiaries, Cordillera Holdings LLP is a holding company focused on investing in the insurance and reinsurance sector. We seek to help companies grow and build lasting value through our sectoral knowledge and extensive network in the global financial services industry. Please visit www.cordllp.com.
Investcorp is a global investment manager specializing in alternative investments across private equity, real estate, credit, absolute return strategies, public equity, infrastructure and insurance asset management. Since our inception in 1982, we have focused on achieving attractive returns for our clients while creating long-term value in our investee companies and our shareholders as a wise and responsible investor.
We invest a significant portion of our capital in the products we deliver to our customers, ensuring that our interests align with those of our stakeholders, including the communities in which we operate, in order to drive sustainable value creation. We pride ourselves on partnering with our clients to deliver customized solutions to their needs, using a disciplined investment process, recruiting world-class talent and combining the resources of a global enterprise with an innovative and entrepreneurial approach.
Today, Investcorp is present in 12 countries across the United States. Europeand GCC and Asia, Including IndiaAnd China And Singapore. From June 30, 2021American Investcorp Group $37.6 billion In total, AUM, including assets managed by third party managers, employs approximately 430 people from 45 nationalities globally across its offices. For more information, visit www.investcorp.com and follow us @Investcorp on LinkedIn, Twitter and Instagram.
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