Vantage, the specialty insurance, reinsurance, and partnership capital platform owned by Howard Hughes Holdings, has reported net earned premiums of $315.8 million for Q3 2026.
The firm’s income before income taxes was $76.6 million for the quarter, including the impact of purchase accounting.
Vantage’s investment portfolio delivered net insurance investment income of $22.7 million and net investment gains of $50.9 million in Q3 2026, reflecting the portfolio’s transition to common equities and U.S. Treasuries.
The AdVantage insurance-linked securities (ILS) structure contributed $13 million in net fee income, driven by continued positive outcomes on recent property catastrophe business written in the structure.
Despite these positives, Vantage reported an underwriting loss of $5.7 million, with a combined ratio of 101.8%. The firm said the combined ratio comprised a loss ratio of 63.5% and an expense ratio of 38.3%.
These results include the impact of purchase accounting. Excluding those adjustments, underlying underwriting income was $16.1 million, with a combined ratio of 94.9%.
The quarter included no catastrophe losses and $4 million of favourable prior-year development, but the loss ratio was affected by a single large loss in a specialty line and by purchase accounting adjustments.
Howard Hughes completed its acquisition of Vantage in June for an all-cash transaction valued at approximately $2.1 billion.
At the time, Bill Ackman, founder and CEO of Pershing Square Capital Management, said the deal echoes Warren Buffett’s early moves at Berkshire Hathaway, as the company he backs looks to build a diversified holding company.
