Howard Hughes Holdings has agreed to acquire all shares of Vantage Group Holdings, a private insurance and reinsurance business, for an estimated $2.1bn.  

The acquisition is expected to close in the second quarter of 2026, subject to required regulatory clearances. 

The agreement will see Vantage become an integral part of Howard Hughes Holdings. 

Vantage was established in 2020 and operates as a provider of property and casualty (P&C) insurance with various products supported by advanced technology and analytics.  

Its subsidiaries include Vantage Risk, Vantage Risk Assurance Company and Vantage Risk Specialty Insurance Company. 

Vantage will maintain its existing name and brand, with staff continuing in their current roles and teams. 

Vantage CEO Greg Hendrick said: “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.” 

The transaction will be funded using Howard Hughes Holdings’ existing cash and up to $1bn in non-interest-bearing, non-voting preferred stock issued to Pershing Square Holdings, referred to as PSH Preferred.  

This preferred stock will be issued in 14 equal parts, each of which Howard Hughes can buy back annually during the first seven years after the transaction closes. 

Adding insurance activities is intended to broaden Howard Hughes Holdings’ long-term revenue streams.  

With its new structure, the company aims to provide sustained financial support to Vantage, potentially improving its credit standing and offering flexibility in underwriting. 

Pershing Square will oversee Vantage’s investment assets without charging management or advisory fees for this role.  

Howard Hughes executive chairman Bill Ackman commented: “In Vantage, HHH obtains an exceptional diversified specialty insurance and reinsurance platform managed by an excellent and highly experienced team.  

“The combination of Vantage’s insurance expertise and Pershing Square’s investment capabilities creates the opportunity to build a large, highly profitable insurance company and an important source of long-term value creation for Howard Hughes.” 

In October, FGH Parent, its unit Fortitude Re, and Carlyle began a new reinsurance sidecar named Fortitude Carlyle Asia Reinsurance.