FOR IMMEDIATE RELEASE PRESS RELEASE
Knighthead Holdings Ltd. Completes $230 Million Capital Raise
George Town, Cayman Islands -December 10, 2014 - Knighthead Holdings Ltd. (“Knighthead Holdings”) announced today that it has successfully concluded a capital raise of USD $230 Million. Proceeds will be contributed as equity capital to its fully owned subsidiary, Knighthead Annuity and Life Assurance Company (“Knighthead Annuity”), a Cayman Islands based insurance company that offers fixed annuities to international clients through regulated financial institutions.
Thomas Wagner, Co-Chairman of Knighthead Holdings Ltd., commented, “We are pleased to have completed the capital raise necessary to launch Knighthead Annuity. This capital will make Knighthead Annuity one of the most highly capitalized insurers serving the offshore market and will provide the financial strength demanded by our institutional distribution partners and their clients.” Mr. Wagner added, “In addition to Knighthead Annuity’s strong balance sheet, we have assembled an excellent and experienced management team supported by a high quality Board of Directors to ensure the highest level of service, risk management and regulatory compliance.”
Gary Dombowsky, Chief Executive Officer of Knighthead Annuity noted, “Knighthead Annuity believes the fixed annuity market for the offshore client is a fraction of its potential size and has been limited by the financial strength of existing carriers and available product offerings. We are excited to fill the void in the current market and meet the needs of the international client that seeks financial security, attractive guaranteed returns and options that include period certain or income for life payout choices.”
Knighthead Annuity has established a full service platform in the Cayman Islands. Policyholder reserves together with equity of the company will be managed by Knighthead Insurance Capital Management, LP, an affiliate of Knighthead Capital Management, LLC, an established SEC registered Investment Advisor.
About Knighthead Annuity
Knighthead Annuity & Life Assurance Company is a Cayman Islands based Class B (iii) primary insurer that provides fixed annuity offerings to international clients through regulated institutional distribution partners. Knighthead Annuity’s strategy is to combine management’s expertise in the fixed annuity market with the proven investment capabilities of Knighthead Capital Management, LLC. Knighthead Annuity will maintain capital levels to policyholder liabilities at much higher levels than traditional annuity writers to ensure protection of policyholder assets while permitting an investment strategy that will provide highly competitive crediting rates and attractive returns to shareholders. Additional information about the company can be found at www.knightheadannuity.com. .
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