KKR & Co Inc, the New York-based global investment firm, and Bermudian-based insurance company Global Atlantic Financial Group LLC have announced the closing of the previously announced transaction in which KKR is acquiring the remaining 37 per cent of Global Atlantic, increasing KKR’s ownership to 100 per cent.

The $2.7 billion all-cash transaction was first announced in November.

KKR acquired a majority of Global Atlantic in 2021, and since that time, KKR has served as Global Atlantic’s asset manager, offering access to its global investment and origination capabilities for the benefit of Global Atlantic’s policyholders.

“Since Day 1, Global Atlantic has been a great fit for KKR, both from a business and cultural standpoint. With this new ownership structure in place, we look forward to even closer collaboration with Global Atlantic so that we can realise more of the synergies that we have uncovered in the first three years of our strategic partnership,” said Joseph Bae and Scott Nuttall, co-chief executive officers of KKR.

Allan Levine, cofounder, chairman and chief executive of Global Atlantic, said: “KKR and Global Atlantic are a powerful combination. Our shared culture and commitment to excellence continues to enhance our ability to think — and invest — longer term and deliver compelling solutions for our clients and policyholders. We are thrilled for what lies ahead as a wholly owned subsidiary of KKR.”