Private-equity firm KKR said Wednesday it is buying the rest of retirement and life-insurance company Global Atlantic for $2.7 billion.
In 2021, KKR purchased the lion’s share of Global Atlantic, which boosted the investment giant’s assets under management. KKR is now purchasing the 37% of Global Atlantic it does not own.
The move adds to KKR’s footprint in an area that has been turbocharging growth for investment companies. Apollo Global Management helped launch annuity insurer Athene Holding more than a decade ago and Blackstone also has a large insurance business.
Global Atlantic provides annuity and life-insurance products for individuals and reinsurance for insurance companies. Its assets under management went from $72 billion in 2020 to $158 billion today.