26North Reinsurance Holding Company, a reinsurance holding company, has announced it has entered into a definitive agreement to purchase the entire issued share capital of Independent Insurance Group, LLC, the parent company of Independent Life Insurance Company.
Independent Life is recognised as a specialist insurer focused exclusively on structured settlement annuities for individuals with personal injury claims and their families.
26North Re said the acquisition will mark its first direct presence in the United States insurance market and establish its initial onshore operating platform, alongside its existing operations based in Bermuda and the Cayman Islands.
The company has confirmed that Independent Life will retain its current brand identity after completion of the transaction, with the intention of preserving established client relationships and existing service frameworks used by settlement professionals. 26North Re also stated it plans to support the business with long-term capital commitment and access to proprietary asset origination capabilities aimed at supporting expansion.
26North Senior Partner Cole Charnas said: “This partnership will strengthen Independent Life’s leading franchise and provide the resources to enable consistent competitive pricing for settlement planners and claimants. For the people those settlements serve, 26North Re’s backing reinforces the certainty they have always counted on. We look forward to working alongside the management team on the next phase of the company’s expansion.”
The transaction brings 26North Re into the structured settlement annuity sector, a specialised area of US insurance defined by long-duration liabilities, strict underwriting requirements and a strong emphasis on disciplined investment management.
Independent Group Chief Executive Officer Donald Herrema added: “Joining 26North Re gives Independent Life access to institutional-scale capabilities. Under 26North’s stewardship, we are positioned to serve more clients, in more markets with greater confidence than ever before.”
The deal remains subject to standard regulatory clearances, including approval from relevant state insurance regulators. 26North Re is advised by RBC Capital Markets in a financial capacity and Kirkland & Ellis LLP as legal counsel, while Piper Sandler & Co. is acting as exclusive financial adviser to Independent Group and Mayer Brown LLP is acting as legal counsel.
