26 North Reinsurance Holding Company announced that 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 considered a specialist insurance company that specializes in providing structured settlement annuities to individuals and their families with personal injury claims.
26North Re said the acquisition would mark the company’s first direct foray into the U.S. insurance market and establish its initial onshore operating platform in addition to its existing operations in Bermuda and the Cayman Islands.
The company has confirmed that Independent Living will retain its current brand identity following completion of the deal, with the aim of retaining established client relationships and the existing service framework used by settlement professionals. 26North Re also said it plans to back the business with long-term capital commitments and proprietary asset origination capabilities to support expansion.
Cole Charnas, senior partner at 26North, said: “This partnership will strengthen Independent Life’s leading franchise and provide resources to provide settlement planners and claimants with consistent competitive pricing. For the people the settlement serves, 26North Re’s support enhances the certainty they have relied on. We look forward to working with the management team on the company’s next phase of expansion.”
The transaction moves 26North Re into the structured settlement annuity space, a specialty area of ​​U.S. insurance characterized by long-term liabilities, strict underwriting requirements and a strong focus on rigorous investment management.
Donald Herrema, CEO of Independent Group, added: “Joining 26North Re gives Independent Life access to institutional-scale capabilities. Under 26North’s stewardship, we will be more confident than ever in serving more clients in more markets.”
The transaction is still subject to standard regulatory clearances, including approval from relevant state insurance regulators. 26North Re is represented by RBC Capital Markets as financial advisor, Kirkland & Ellis LLP as legal advisor, Piper Sandler & Co. as exclusive financial advisor to Independent Group, and Mayer Brown LLP as legal advisor.
