Blue Owl to Buy Kuvare Asset Management for Insurance Push (1)

Blue Owl Capital Inc. has agreed to buy Kuvare Asset Management, the latest deal to underline a push by private-markets investment firms to tap pools of assets in the insurance market.

The New York-based alternative asset manager is paying $750 million in cash and stock for US-based Kuvare Asset Management, according to a statement. It is also buying about $250 million of preferred equity in Kuvare UK Holdings, a life-and-annuity insurance company.

Upon the closing of the acquisition, Blue Owl will be allocated up to $20 billion of assets under management and Kuvare will continue to manage the allocations for ...