Kindley Re, the Bermudian-based life and annuity reinsurer backed by Davidson Kempner, has secured $250 million in additional equity capital commitments to support its next phase of growth.

The company said the raise was supported by a group of institutional investors and would help expand its reinsurance franchise and pursue new opportunities alongside its partner, Kuvare Holdings.

Kindley Re is a Class E reinsurer, the Bermuda Monetary Authority category designed for long-term insurers focused on life and annuity business.

The platform was established in 2023 by Davidson Kempner in partnership with Kuvare, with initial capital of about $400 million. It was set up as a co-investment vehicle to support Kuvare’s re/insurance operations, participating in both flow reinsurance and large block transactions sourced through its affiliates. Kuvare provides origination and operational capabilities, while Davidson Kempner contributes investment expertise.

The capital raise suggests investors have an appetite for Bermudian-based life reinsurance platforms. While Bermuda accounts for only a small percentage of reserves, KBRA estimates it oversees about 34 per cent of global asset-intensive reinsurance.

No further details on deployment of the new capital were disclosed.