Vantage Group Holdings Ltd., a privately held specialty re/insurer, has signed a definitive agreement to be acquired by Howard Hughes Holdings Inc. (HHH) in a deal valued at approximately $2.1 billion. The transaction is expected to close in the second quarter of 2026 and is aimed at supporting HHH’s evolution from a real estate development company into a diversified holding company, modeled after Warren Buffett’s Berkshire Hathaway.
HHH, based in The Woodlands, Texas, is backed by U.S. billionaire hedge fund manager Bill Ackman, founder and CEO of Pershing Square Capital Management. In May, Ackman increased his ownership stake in HHH from 37.6% to 46.9% through a $900 million investment.
In addition, Pershing Square Holdings (PSH) announced plans to invest up to $1 billion in HHH to help fund the acquisition of Vantage. The transaction will be financed through a combination of HHH’s cash reserves and the subscription for PSH preferred stock.
About Vantage Group
Founded in 2020 and headquartered in Bermuda, Vantage Group offers a diversified portfolio of global property and casualty products. The acquisition by HHH is expected to provide long-term capital support, significantly enhancing Vantage’s credit profile and underwriting flexibility.
Greg Hendrick, CEO of Vantage, expressed optimism about the deal:
“I’m excited about starting Vantage’s next chapter through this acquisition. 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 also highlighted the benefits for clients and brokers:
“After closing, we anticipate enhanced resources to fuel profitable growth, drive innovation, and deliver even greater value to brokers and clients. None of this would be possible without the amazing passion of our 360 colleagues, the support of Carlyle and Hellman & Friedman, and our incredible brokers and clients.”
Vantage confirmed it will retain its name, brand, culture, teams, and go-to-market strategy post-acquisition.
Private Equity Support
Private equity firms Carlyle and Hellman & Friedman, which currently back Vantage, emphasized their support for the transaction and confidence in the future of the company.
“We are proud to have partnered with Greg Hendrick and the Vantage team over the past five years, supporting the launch and build-out of the business,” said Jim Burr and Jitij Dwivedi of Carlyle.
“Together, we have built a top-tier specialty insurance and re/insurance business, distinguished by its culture and tech-enabled underwriting platform, strong earnings growth, and innovative insurance-linked strategies. Howard Hughes is a great home for the next phase of growth.”
Partners at Hellman & Friedman, Adam Halpern-Leistner and Hunter Philbrick, added:
“Since launching Vantage in 2020, Greg and his team have built a high-quality insurance and reinsurance franchise with deep underwriting expertise. We look forward to seeing the company continue to grow and succeed in this next chapter.”
The acquisition positions Vantage to leverage HHH’s permanent capital and long-term strategy while maintaining its operational independence and market identity.
If you want, I can also expand this into a longer, narrative-style piece that provides context on Vantage’s growth since 2020, Ackman’s investment strategy, and HHH’s plan to emulate a Berkshire Hathaway-style holding company. This would make it a more comprehensive article for readers.