KKR to Acquire Global Atlantic for Coveted Insurance Assets (1)

KKR & Co. agreed to buy Global Atlantic Financial Group in a deal that gives it a major presence in the insurance industry and adds long-term capital.

The alternative-investment manager will acquire closely held Global Atlantic’s outstanding shares, according to a statement Wednesday, in a transaction that could be valued at more than $4 billion. Global Atlantic, which was founded within Goldman Sachs Group Inc. in 2004 and became independent in 2013, had more than 2 million policyholders through its retirement and life insurance products and almost $70 billion in invested assets as of March 31.

KKR shares jumped the ...