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Alternative asset manager Blue Owl completes acquisition of Kuvare

Posted on by darion

The majority of Kuvare Asset Management (KAM) employees will join Blue Owl as part of the deal. Source: Song_about_summer/Shutterstock.

Alternative asset manager Blue Owl Capital has completed the acquisition of Kuvare Insurance Services, an asset management firm specializing in the insurance industry.

Kuvare Insurance Services, trading as KAM, was founded in 2015. It is engaged in diversified insurance and reinsurance businesses with approximately USD 20 billion in assets under management (as of May 31, 2024).

Blue Owl Capital paid approximately $750 million for the acquisition, which was announced in April 2024.

It was funded with a combination of $325 million in cash and $425 million in Blue Owl Class A common stock.

The transaction value could increase by $250 million if certain revenue targets are achieved.

The transaction was completed after the companies obtained the necessary regulatory approvals and satisfied the required closing conditions, including certain termination rights.

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Blue Owl Capital’s decision to acquire KAM aims to enhance the company’s ability to serve the insurance market on a large scale.

The transaction represents a significant expansion of Blue Owl’s existing services and the creation of a new division, Blue Owl Insurance Solutions.

Blue Owl Insurance Solutions aims to integrate the firm’s alternative investment approach with expanded capabilities to address a broader spectrum of insurance client needs.

This expansion is expected to facilitate Blue Owl’s growth through strengthened relationships with insurance companies and the utilization of a diversified source of capital.

As part of the agreement, the majority of KAM employees will transfer to Blue Owl.

Additionally, at the time of the agreement signing in April, Blue Owl invested $250 million in preferred stock in Kuvare, establishing a long-term partnership and providing Kuvare’s insurance companies with growth capital.

These companies will now become Blue Owl’s asset management clients.

Blue Owl and Kuvare have also signed Investment Management Agreements (IMAs) that enable Blue Owl to manage up to $3 billion in assets across its current credit, real estate investment and GP Strategic Capital platforms, with the potential to increase this amount over time.

Kuvare will retain control over asset allocation across its insurance and strategic investments businesses.

The IMAs with Kuvare’s insurance entities are expected to increase Blue Owl’s continuing capital base and strengthen Kuvare’s investment capabilities.