JACKSONVILLE, Fla., Feb. 8, 2021 /PRNewswire/ — Independent Insurance plan Team LLC (“Independent Group”) declared now the signing of a definitive agreement for an financial commitment by Kilter Finance, an insurance policy-centered specialty finance corporation backed by KKR.
Released in 2018, Impartial Team is the mum or dad of Independent Life Insurance policies Firm (“Independent Life”), the 1st insurance coverage provider to concentrate exclusively on the major issuance of structured settlement annuities with the mission of assisting particular personal injury victims and their families meet their economic demands above their lifetimes.
“We are thrilled to sign up for forces with Kilter Finance,” shared Michael Upchurch, Chairman and CEO of Impartial Group. “Given their economical and coverage acumen, they speedily comprehended our organization design, appreciated the uniqueness of what we have established and purchased into our enthusiasm for structured settlements. We could not ask for a improved partner to be a part of us in our initiatives to carry constructive adjust, innovation and progress to our market for the benefit of our brokers and payees.”
Kilter Finance will devote up to $89 million into Unbiased Group. Mixed with a simultaneous investment decision at close by management and LKCM Headwater Investments (“LKCM-Headwater”), Independent Group’s founding private equity spouse, the transaction will outcome in a whole money raise of up to $114 million.
“We system to devote the majority of the funding from Kilter Finance to Impartial Everyday living, additional raising the economic safety we give to our prospects,” commented George Luecke, President and Main Tactic Officer of Impartial Group. “We will deploy the remainder toward normal corporate purposes and the acceleration of important strategic initiatives that are underway, like products progress, technological know-how enhancements and prospective acquisitions, in holding with our ongoing attempts to supply good quality merchandise and providers to the marketplaces we serve.”
Kilter Finance gives versatile and modern financing alternatives to the coverage sector on a worldwide foundation. Dan Knipe, Chief Expense Officer of Kilter Finance, explained, “We have been impressed by the organization that the Unbiased Team administration workforce has crafted and are excited to sign up for LKCM-Headwater and administration as a important funds provider to gas the upcoming section of their expansion.”
Charles Lens, Running Director of Kilter Finance, extra, “We salute the mission of the structured settlement business and the leadership exhibited by the Impartial Group administration workforce. This option has enabled Kilter Finance to invest into a platform firm that we count on will positively impact the structured settlement industry for decades to occur.”
Even more aspects of the transaction ended up not disclosed. The transaction remains subject matter to customary closing conditions. Houlihan Lokey Money, Inc. acted as unique money advisor and Willkie Farr & Gallagher LLP served as lawful counsel to Impartial Group in the transaction. Debevoise & Plimpton LLP acted as lawful counsel to Kilter Finance in the transaction.
ABOUT Impartial Insurance Group
Unbiased Daily life, Impartial Insurance policy Group’s existence and annuity subsidiary, is the 1st insurance enterprise to aim exclusively on structured settlements. Unbiased Insurance policies Group’s intention is to provide aggressive and revolutionary annuity items and providers that professional consultants can successfully combine into their settlement organizing alternatives, for the long-expression protection of private injuries victims and their family members. Between other substantial achievements considering the fact that its development, Independent Daily life was acknowledged as the second swiftest escalating everyday living and annuity insurance policies business in 2019 by S&P World-wide Marketplace Intelligence1. For supplemental information and facts on Impartial Life, make sure you stop by www.impartial.existence.
ABOUT KILTER FINANCE
Kilter Finance is an insurance-concentrated specialty finance firm recognized as a joint undertaking concerning its management workforce, led by Dan Knipe, and primary world wide expenditure organization KKR. KKR, as a result of its credit small business, has built an first commitment of up to $500 million, to be injected on to Kilter Finance’s equilibrium sheet. This cash can be deployed across the cash framework of its investee corporations.
As a long-lasting money car, Kilter Finance is to start with and foremost a remedies-led small business, providing adaptable, bespoke funds options to its clients with flexibility to spend across the funds structure. It is collateral, structure, territory, currency and tenor agnostic. The Kilter Finance management team are experts in the insurance and asset administration sectors. For supplemental details, make sure you go to www.kilterfinance.com.
ABOUT LKCM HEADWATER INVESTMENTS
LKCM Headwater Investments is a Texas-based private equity firm that companions with administration groups to establish very prosperous firms. LKCM Headwater Investments is affiliated with Luther King Cash Management, an SEC-registered expense company established in 1979 with close to $21.6 billion of property less than administration as of December 31, 2020. LKCM’s proven financial investment self-control centers on a lengthy-time period target of investing in properly-managed companies that display an capability to re-make investments hard cash flows into large return financial commitment options.
Resource Unbiased Insurance coverage Group