Vantage Group Set for $2.1B Acquisition by Howard Hughes Holdings, Backed by Ackman

Vantage Group Holdings Ltd., a privately held specialty re/insurer, has entered into a definitive agreement to be acquired by Howard Hughes Holdings Inc. (HHH) for approximately $2.1 billion. This strategic move is anticipated to close in the second quarter of 2026 and aims to facilitate the transformation of HHH from a real estate development firm into a diversified holding company, similar to Warren Buffett’s Berkshire Hathaway.

Headquartered in The Woodlands, Texas, HHH is supported by US billionaire hedge fund manager Bill Ackman, the founder and CEO of Pershing Square Capital Management. In May, Ackman increased his stake in HHH from 37.6% to 46.9% with a substantial $900 million investment.

In a related announcement, Pershing Square Holdings (PSH) revealed plans to invest up to $1 billion in HHH to facilitate the acquisition of Vantage. The financing for this acquisition will come from a mix of HHH’s available cash and the subscription for PSH preferred stock.

Founded in 2020 and based in Bermuda, Vantage offers a diverse portfolio of global property and casualty products. For more details, see the related article: New Re/Insurer ‘Vantage Risk’ Launches, Led by Former Arch, AXA XL Executives.

HHH’s acquisition of Vantage is expected to provide long-term capital support, which Vantage believes will significantly enhance its credit profile and underwriting flexibility. “I’m excited about starting Vantage’s next chapter through this acquisition,” stated Greg Hendrick, CEO of Vantage, which is currently backed by private equity firms Carlyle and Hellman & Friedman.

“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,” Hendrick added. He emphasized that after the deal closes, Vantage anticipates enhanced resources to drive profitable growth, foster innovation, and deliver 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,” he noted.

Vantage will continue to operate under its existing name, brand, and culture, maintaining the same roles, teams, and go-to-market strategy. “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,” said Jim Burr, co-head of Global Financial Services at Carlyle, along with Jitij Dwivedi, a partner in the Financial Services team at Carlyle.

“Together, we have built a top-tier specialty insurance and re/insurance business, distinguished by its culture and tech-enabled underwriting platform, delivering strong earnings growth and diversifying Vantage’s business model through innovative insurance-linked strategies. We believe Howard Hughes will be an excellent home for Vantage and wish Greg and the team continued success as they enter this next phase of growth,” they concluded.

“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,” remarked Adam Halpern-Leistner, Partner at Hellman & Friedman, along with Hunter Philbrick, also a partner at Hellman & Friedman.

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Mergers & Acquisitions

Vantage Group Holdings Ltd., a privately held specialty re/insurer, has entered into a definitive agreement to be acquired by Howard Hughes Holdings Inc. (HHH) for approximately $2.1 billion. This strategic move is anticipated to close in the second quarter of 2026 and aims to facilitate the transformation of HHH from a real estate development firm into a diversified holding company, similar to Warren Buffett’s Berkshire Hathaway.

Headquartered in The Woodlands, Texas, HHH is supported by US billionaire hedge fund manager Bill Ackman, the founder and CEO of Pershing Square Capital Management. In May, Ackman increased his stake in HHH from 37.6% to 46.9% with a substantial $900 million investment.

In a related announcement, Pershing Square Holdings (PSH) revealed plans to invest up to $1 billion in HHH to facilitate the acquisition of Vantage. The financing for this acquisition will come from a mix of HHH’s available cash and the subscription for PSH preferred stock.

Founded in 2020 and based in Bermuda, Vantage offers a diverse portfolio of global property and casualty products. For more details, see the related article: New Re/Insurer ‘Vantage Risk’ Launches, Led by Former Arch, AXA XL Executives.

HHH’s acquisition of Vantage is expected to provide long-term capital support, which Vantage believes will significantly enhance its credit profile and underwriting flexibility. “I’m excited about starting Vantage’s next chapter through this acquisition,” stated Greg Hendrick, CEO of Vantage, which is currently backed by private equity firms Carlyle and Hellman & Friedman.

“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,” Hendrick added. He emphasized that after the deal closes, Vantage anticipates enhanced resources to drive profitable growth, foster innovation, and deliver 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,” he noted.

Vantage will continue to operate under its existing name, brand, and culture, maintaining the same roles, teams, and go-to-market strategy. “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,” said Jim Burr, co-head of Global Financial Services at Carlyle, along with Jitij Dwivedi, a partner in the Financial Services team at Carlyle.

“Together, we have built a top-tier specialty insurance and re/insurance business, distinguished by its culture and tech-enabled underwriting platform, delivering strong earnings growth and diversifying Vantage’s business model through innovative insurance-linked strategies. We believe Howard Hughes will be an excellent home for Vantage and wish Greg and the team continued success as they enter this next phase of growth,” they concluded.

“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,” remarked Adam Halpern-Leistner, Partner at Hellman & Friedman, along with Hunter Philbrick, also a partner at Hellman & Friedman.

Related:

Topics
Mergers & Acquisitions