ROSEMONT, Ill.–(BUSINESS WIRE)–Kuvare Holdings today issued the following statement to address various business media reports published since February 19, which focus on matters regarding Kuvare’s commercial relationship with Blue Owl Capital (“Blue Owl”).
Bloomberg Erroneously Reported that Blue Owl “Owns” Kuvare
Contrary to media reports originating on Bloomberg (February 19, 2026, and purportedly, though wrongly, “corrected” in multiple reports published February 20, 2026), Blue Owl does not own Kuvare Holdings, parent entity to a group of wholly owned life insurance and reinsurance companies (collectively, “Kuvare”). Rather, Blue Owl works for Kuvare, as an independent asset manager to Kuvare’s life insurance carriers, including Guaranty Income Life Insurance Company, United Life Insurance Company, and Lincoln Benefit Life Company, as well as reinsurer Kuvare Life Re (Bermuda) (the “Kuvare Carriers”).
This relationship began in 2024, when Blue Owl acquired Kuvare’s former affiliated asset management division, known as “Kuvare Asset Management.” Kuvare Asset Management was merely one of Kuvare’s companies, and it was the only business sold to Blue Owl. This limited divestiture did not change Kuvare’s full ownership and control of the Kuvare Carriers.
Bloomberg, followed by various media outlets which appear to have sourced stories predicated on Bloomberg’s inaccuracies, inexplicably fail to recognize the distinction between Kuvare Asset Management, which Blue Owl bought to complement its insurance investing expertise, and the broader Kuvare Holdings organization—which Blue Owl most certainly did not acquire. For completeness, it may be noted that Blue Owl provided Kuvare with financial capital support ($250m) at the time it became a Kuvare asset manager, via a 100% passive investment conferring no voting or control rights of any kind over Kuvare.
Today, Blue Owl’s relationship with Kuvare is simply as a third-party investment adviser to the Kuvare Carriers. Blue Owl’s investment professionals, working under customary investment management agreements, source and originate private assets for the Kuvare Carriers’ portfolios. In this relationship, Kuvare supervises Blue Owl’s work in many ways typical within the industry, most importantly by dictating a Strategic Asset Allocation Plan and governing Investment Guidelines that Blue Owl is obligated to strictly follow. Very importantly, and something Bloomberg and the follow-on news reports got exactly backward, Blue Owl must obtain Kuvare’s express consent to place Kuvare Carrier assets in any Blue Owl-affiliated investment product. Blue Owl would not get to “stick Kuvare” with any undesired assets from within Blue Owl’s affiliated entities.
Kuvare Independently Assessed and Negotiated to Buy Loans from Blue Owl
Earlier in February 2026, given Kuvare’s business relationship with Blue Owl, several of the Kuvare Carriers were presented an opportunity to acquire a portion of a diversified pool of middle market loan assets owned and managed by Blue Owl vehicles. Kuvare welcomed that opportunity to assess if any of the loans would be good fits for Kuvare Carrier portfolios. As noted above, Kuvare held all the cards in whether to participate at all—it could have declined to purchase any of the loans for sale, because its explicit consent is required to transact in assets from a Blue Owl-controlled vehicle.
Prior to consenting, Kuvare conducted independent diligence on the loan assets to construct a suitable portfolio for the Kuvare Carriers. Kuvare received access to and reviewed, among other things: borrower financial statements, audits, third-party valuation reports, and the underlying loan documentation. Through this process, Kuvare rejected a significant number of loan assets based on a variety of factors. For example, the final portfolio excludes assets with low risk ratings, all equity (including preferred equity) positions, and any assets presenting concerns about financial performance or industry niche. Adding extra layers of diligence and risk-mitigation in the vetting process, Kuvare opted to not participate in any loan assets it understood to be “rejected” by another prospective acquiror, and Kuvare would only buy a loan if another investor was committed to take the exposure into its own portfolio.
Based on this disciplined underwriting, Kuvare is highly satisfied with the quality and the diversification of its selected pool, which is comprised of over 100 different borrowers. The top ten largest borrowers comprise 35% of the pool, with limited industry concentrations.
Notwithstanding distorted suggestions in many press accounts, these transactions were negotiated on an arms-length basis, and asset prices ultimately reflected third-party valuations. It has been reported, Kuvare believes accurately, that other participants in these transactions included three of the largest pension funds in the world.
In the aggregate, the loan assets acquired from the Blue Owl vehicles (which constitute credit exposure to the underlying loan borrowers, and not to Blue Owl) now represent less than ten basis points (0.1%) of Kuvare’s total invested assets.
Also notably, at present and in the aggregate, Kuvare Carriers have negligible direct credit exposure to Blue Owl itself – totaling $3.4 million, which represents approximately one basis point (0.012%) of the subject portfolios.
About Kuvare
Kuvare is a dynamic international financial services platform with nearly $50 billion in assets supporting life insurance, annuities, reinsurance, advisory, and asset management solutions. Founded in 2015 and headquartered in the Chicago area, Kuvare follows a long-term growth strategy. The Kuvare family of companies includes Kuvare Life Re, Lincoln Benefit Life, Guaranty Income Life, United Life, Kuvare Strategic Investments and Ignite Partners. For more information, visit https://kuvare.com.
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