US private equity company KKR has completed the acquisition of the remaining 37% stake in insurance company Global Atlantic. 

Announced in November 2023, the all-cash $2.7bn deal takes KKR’s ownership in the insurer to 100%. 

Global Atlantic caters to the retirement and life insurance requirements of both individuals and institutions.  

KKR initially acquired a majority stake in Global Atlantic in 2021 and has since managed its assets. 

Despite the change in ownership, Global Atlantic will retain its current management team and continue to operate under the same brand name. 

KKR co-CEOs Joseph Bae and Scott Nuttall said: “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 realise more of the synergies that we have uncovered in the first three years of our strategic partnership,”  

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Global Atlantic co-founder, chairman and CEO Allan Levine said: “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.” 

In September 2023, KKR reached an agreement to increase its stake in USI by investing $1bn. 

Following the completion of the deal, KKR will become USI’s largest shareholder.