Global financial solutions provider Knighthead Insurance Group has acquired Merit Life Insurance Co., the company announced. Following the acquisition, Merit Life will operate under the Knighthead Life brand.
“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,” said Edward Massaro, CEO and chief investment officer of Knighthead Insurance, who will lead Knighthead Life. “Knighthead Insurance’s capital support and successful track record will serve as an extremely strong basis for the launch of a market leading insurer.”
Massaro also noted that the new brand showcases Knighthead Insurance’s history.
With the launch of Knighthead Life, Knighthead Insurance continues its strategic expansion into the U.S. market. The company aims to capitalize on the country’s growing needs in retirement and the demand for secure insurance products.
Knighthead Life has also launched a new multi-year guaranteed annuity (MYGA). The annuity offers a way to protect retirement savings while also earning a guaranteed rate of returns.
The company’s capital position has been recognized through AM Best’s awarding of an A- rating in November.
Knighthead Insurance Group co-chairman and Knighthead Capital Management co-founder Tom Wagner expressed his excitement about the acquisition. “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,” said Wagner.
Knighthead Insurance Group was founded in 2014 with the incorporation of Knighthead Annuity & Life Assurance Company. The acquisition of Merit followed the group’s recent capital raise, which amounted to $550 million.
