Howard Hughes strikes $2.1bn deal to buy Bermuda’s Vantage

Bermuda-based specialty re/insurer Vantage Group Holdings, backed by Carlyle and Hellman & Friedman, has agreed to be acquired by Howard Hughes Holdings in a $2.1bn all-cash transaction.

The deal, roughly 1.5x Vantage’s year-end 2025 book value, is set to close in Q2 2026, pending regulatory approvals.

Post-acquisition, Vantage, which was founded in 2020, will anchor Howard Hughes’s push into a diversified holding company, while keeping its name, brand, culture, teams and go-to-market strategy intact.

Pershing Square will manage Vantage’s assets fee-free, boosting investment returns and aligning interests with policyholders and shareholders. Over time, the portfolio will focus on cash, short-term Treasurys, fixed-maturity securities and common stocks, subject to regulatory and rating agency rules.

The acquisition is expected to provide long-term capital support, enhancing Vantage’s credit profile and underwriting flexibility, the firms said in a statement.

Greg Hendrick, CEO of Vantage, commented: “I’m excited about starting Vantage’s next chapter through this acquisition. With Howard Hughes’ permanent capital and long-term vision, we expect to strengthen our balance sheet and expand opportunities in specialty insurance, reinsurance, and partnership capital. After closing, we anticipate enhanced resources to fuel profitable growth, drive innovation, and deliver even greater value to brokers and clients over time. None of this would be possible without the amazing passion and energy of 360 colleagues, the unwavering support of Carlyle and Hellman & Friedman, and the incredible support of our brokers and clients.”

Jim Burr, co-head of global financial services at Carlyle, and Jitij Dwivedi, partner in the financial services team at Carlyle, added: “We are proud to have partnered with Greg Hendrick and the entire Vantage management team over the past five years and support the launch and build-out of the business. Together, we have built a top tier specialty insurance and re-insurance business, differentiated by its culture and tech-enabled underwriting platform, delivered strong earnings growth and diversified Vantage’s business model through innovative insurance-linked strategies. We think Howard Hughes will be a great home and wish Greg and the Vantage team continued success as it enters its next phase of growth.”

“We are so proud of what Greg and the team have built since we launched together in 2020. Today, Vantage is a high-quality insurance and reinsurance franchise with an excellent team and deep underwriting capabilities. We look forward to watching its continued growth and success in its next chapter,” said Adam Halpern-Leistner, partner at Hellman & Friedman, and Hunter Philbrick, partner at Hellman & Friedman.

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