Knighthead Insurance Group has acquired Merit Life Insurance for an undisclosed amount, rebranding it as Knighthead Life. The newly branded insurer will focus on providing digital-first solutions and aims to create competitive products and streamlined processes for its partners.
Edward Massaro, CEO and chief investment officer of Knighthead Insurance, will lead Knighthead Life. He highlighted the group’s strategic US expansion, stating that Knighthead Life builds on a decade of success in direct and reinsurance markets.
Knighthead Life is the culmination of the group’s strategic expansion to the US following our successful ten-year history in the international direct and reinsurance markets. Knighthead Insurance’s capital support and successful track record will serve as an extremely strong basis for the launch of a market leading insurer.
Edward Massaro, CEO and chief investment officer of Knighthead Insurance
He emphasized that Knighthead Insurance’s capital backing and proven performance provide a solid foundation for launching a market-leading insurer.
Knighthead Life has introduced a multi-year guaranteed annuity product. This offering targets retirement savings by providing a secure option with a guaranteed rate of return.
Established in 2014, Knighthead Insurance Group manages nearly $5.5 bn in annuity reserves through its original entity, Knighthead Annuity & Life Assurance Company.
The expansion comes after a $550 mn capital raise, supporting the group’s push to grow its annuity and reinsurance business in the US and globally.
Tom Wagner, Knighthead Insurance Group co-chairman and co-founder of Knighthead Capital Management, noted that Merit’s focus on technology and retirement solutions made it an ideal acquisition.
He stated that the launch of Knighthead Life is key to achieving the group’s long-term goals of expanding its insurance and reinsurance expertise in the US market.