Private-equity giant KKR said it has agreed to buy the retirement and life insurance company Global Atlantic Financial Group in a deal that will boost the company’s assets under management.

The private-equity firm said it would pay the amount of Global Atlantic’s book value as of the deal’s closing, through a combination of cash, proceeds from potential minority co-investors and debt or equity. Global Atlantic’s book value as of 31 March was about $4.4bn, the companies said. The deal is expected to close in early 2021.