KKR is in talks with insurers across Europe as it seeks to broaden Global Atlantic’s reach in the region’s pension risk transfer market, the Financial Times (FT) reported, citing unnamed sources.
The US investment firm, which manages more than $700bn in assets, is weighing partnership structures under which it and an insurer would direct capital into investments sourced by KKR.
One source said KKR is not pursuing an outright purchase of a European insurer, a route that differs from approaches taken by rivals.
Potential arrangements could still involve KKR investing from its own balance sheet into a partner company to back its growth.
An insurance executive told the FT that KKR had held discussions in recent months with some of the UK’s largest insurers, including leading groups in the UK life insurance sector, and had explored a possible partnership with them.
The executive said the firm had “big” ambitions for the market and would aim to increase its presence over time.
According to the FT, KKR passed on a chance to invest in a pension risk transfer venture being set up by UK insurer Standard Life, which is expected to receive funding from CVC, partly because the business was viewed as too small.
Another source said KKR could still join the market through a similar joint venture structure.
A separate executive said that KKR had assessed all major UK pension risk transfer providers and could seek an outside partnership similar to the arrangement between L&G and Blackstone.
KKR bought a majority stake in Global Atlantic in 2021 and took full ownership in 2024.
Global Atlantic does not have a major presence in Europe, unlike Apollo Global Management’s insurer Athora.
Athora completed a major UK pension risk transfer transaction last year.
KKR has, however, deployed Global Atlantic capital in European investments, including a €1.4bn ($1.59bn) loan earlier this year to Global Sports Group, a vehicle created by CVC that holds football and other sporting league assets.
“KKR eyes UK and European pension risk transfer tie-ups – report” was originally created and published by Life Insurance International, a GlobalData owned brand.
