Global financial protection solutions provider Knighthead Insurance Group has acquired Merit Life Insurance Co., signaling a strategic expansion into the U.S. market.
Following the acquisition, Merit Life will operate under the Knighthead Life brand. Edward Massaro, CEO and Chief Investment Officer of Knighthead Insurance, will lead the new entity.
“Knighthead Life is the culmination of the group’s strategic expansion to the US following our successful 10-year history in the international direct and reinsurance markets,” Massaro stated, highlighting the significance of the acquisition for the company’s growth in the U.S. market.
With the launch of Knighthead Life, Knighthead Insurance Group continues its momentum by capitalizing on increasing demand for retirement and secure insurance products in the U.S.
Knighthead Life has launched a new multi-year guaranteed annuity (MYGA), designed to protect retirement savings while offering guaranteed returns. This new product is backed by the company’s strong capital position, reflected in AM Best’s recent A- rating.
Tom Wagner, co-chairman of Knighthead Insurance Group and co-founder of Knighthead Capital Management, expressed enthusiasm about the deal. “The newly branded Knighthead Life is pivotal to fulfilling our long-term business objectives of bringing Knighthead’s insurance and reinsurance expertise to the United States,” Wagner commented.
Knighthead began operations in 2014 with the formation of Knighthead Annuity & Life Assurance Company. The Merit Life acquisition follows the recent raise of $550 million in capital for the group.
