Independent Insurance Group, LLC Appoints Interim Chief Executive Officer

FORT WORTH, Texas, Jan. 9, 2025 /PRNewswire/ -- Independent Insurance Group, LLC ("Independent Group") announced today that Donald J. Herrema, Vice Chair of the Board of Managers of Independent Group and Chair of the Investment Committee of Independent Life Insurance Company ("Independent Life"), a wholly-owned subsidiary of Independent Group, has been appointed as interim Chief Executive Officer of Independent Group. Mr. Herrema, who has more than 35 years of senior leadership experience in investment and wealth management, banking, mutual funds and insurance companies, including serving as CEO of several companies, succeeds Michael A. Upchurch, who led Independent Group since its founding in 2018. All other current executives of Independent Group and Independent Life remain unchanged, reporting to Mr. Herrema.

Since its launch in 2018, Independent Life has remained steadfast in its mission to deliver innovative structured settlement annuities, solutions and services to plaintiffs and their attorneys and settlement professionals. Through the commitment and tireless efforts of its dedicated team of professionals, working alongside plaintiff attorneys, settlement professionals and other key supporters, Independent Life has achieved many significant milestones since its launch, including, among others, consistent year-over-year premium growth, receiving over $400 million of funded premium for fiscal 2024, reaching over $1.3 billion in total assets at the end of fiscal 2024, recording statutory profit for each of the 2023 and 2024 fiscal years, receiving and maintaining an A rating from Egan-Jones and an A- rating from KBRA since inception, establishing strong reinsurance relationships with Hannover Re and Sommerset Reinsurance Ltd., and an undefeated record in front of courts approving the use of Independent Life's structured settlement annuities.

With the unwavering commitment of their dedicated team, capital providers (LKCM Headwater Investments and Kilter Finance) and strategic relationships with plaintiff attorneys, settlement professionals and other key supporters, Independent Group and Independent Life are poised and uniquely positioned to achieve even more successes in the future, all in furtherance of their mission to deliver innovative structured settlement annuities, solutions and services to plaintiffs and their attorneys and settlement professionals.

ABOUT INDEPENDENT GROUP

Founded by insurance industry experts, Independent Group is a forward-thinking enterprise whose complementary product and service companies improve outcomes for all structured settlement stakeholders. Independent Life, its underwriting division, is dedicated to providing structured settlement solutions, including annuities, to serve the needs of injured parties, their families and advocates. With its unique profile and ambitious vision for the structured settlement industry, Independent Life has attracted world-class partners: LKCM Headwater Investments, KKR's Kilter Finance and Hannover Re USA support Independent Life's growth and guarantees. For more on what makes Independent Life different, visit www.independent.life.

ABOUT LKCM HEADWATER INVESTMENTS

LKCM Headwater Investments is a Texas-based private equity firm that partners with management teams to build successful companies. LKCM Headwater Investments is affiliated with Luther King Capital Management, an SEC-registered investment firm established in 1979 with approximately $29 billion of assets under management. LKCM's proven investment discipline centers on a long-term focus of investing in well-managed companies that demonstrate an ability to re-invest cash flows into high return investment opportunities. For additional details, visit www.lkcmheadwater.com.

ABOUT KILTER FINANCE

Kilter Finance is an insurance-focused specialty finance company established as a joint venture between its management team, led by Dan Knipe, and leading global investment firm KKR, which has made an initial commitment of up to $500 million. Kilter Finance, which provides flexible, bespoke capital solutions to its clients with flexibility to invest across the capital structure, is collateral, structure, territory, currency and tenor agnostic. For additional details, visit www.kilterfinance.com.

CONTACT:
Todd Hagely
thagely@independent.life

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SOURCE Independent Insurance Group LLC