Vantage Group to Be Acquired by Ackman-Backed Howard Hughes Holdings for $2.1B

Vantage Group Holdings Ltd., the privately held specialty re/insurer, has to be acquired by Howard Hughes Holdings Inc. (HHH) for approximately $2.1 billion.

The Vantage deal, which is expected to close in the second quarter of 2026, aims to support the , a real estate development firm, into a diversified holding company, akin to Warren Buffett’s Berkshire Hathaway.

Based in The Woodlands, Texas, HHH is backed by US billionaire hedge fund manager Bill Ackman, the founder and chief executive of Pershing Square Capital Management. In May, Ackman increased his ownership in HHH to 46.9% from 37.6% with a $900 million investment.

, Pershing Square Holdings (PSH) said it will invest as much as $1 billion in HHH to support the purchase of Vantage. The Vantage acquisition will be financed by a combination of HHH’s cash on hand and the subscription for PSH preferred stock.

Founded in 2020 and based in Bermuda, Vantage now offers a diversified portfolio of global property/casualty products. (See related article: New Re/国产福利真实 ‘Vantage Risk’ Launches, Led by Former Arch, AXA XL Executives).

HHH’s holding-company ownership of Vantage will provide long-term capital support which Vantage said will materially strengthen its credit profile and underwriting flexibility.

“I’m excited about starting Vantage’s next chapter through this acquisition,” said Greg Hendrick, chief executive officer 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 continued in a statement.

“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.”

Vantage said it will continue to operate with the same name, brand, and culture, retaining 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,” according to a joint statement from Jim Burr, co-head of Global Financial Services at Carlyle, and Jitij Dwivedi, partner in the Financial Services team at Carlyle.

“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,” they continued.

“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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