United Fire completes sale of life insurance business to Kuvare

United Fire & Casualty Co., a subsidiary of Cedar Rapids-based United Fire Group Inc., today completed its previously announced sale of its subsidiary United Life Insurance Co. to Kuvare US Holdings Inc. for $280 million in cash. Kuvare, founded in 2015 by insurance company executive Dhiren Jhaveri, is backed by a consortium of long term capital firms collectively managing more than $20 billion. With the acquisition of United Life Insurance Co. Chicago-based Kuvare has pro forma consolidated assets of over $2.5 billion. When the sale was announced in September, Jhaveri said his company planned to maintain a strong presence in Cedar Rapids and retain the United Life brand.