Bermuda-based specialty reinsurer Vantage Group Holdings Ltd. reported strong financial results for the year ended Dec. 31, 2025, with net profit more than doubling to $201.7 million from $100.5 million in 2024.
This significant improvement in net profit was driven by strong growth in premiums, which jumped 29.8% from US$798 million in 2024 to US$1.04 billion in 2025.
Although fees and other income fell, from $47.9 million to $30.7 million, the group’s total revenue rose 27.5% to $1.18 billion, compared with $927.9 million the previous year.
On the investment side, Vantage’s net investment income increased significantly by 39.3% from $83.5 million in 2024 to $116.3 million in 2025.
The company also recognized a net realized gain on investments of $425,000, recovering from a realized net loss of $1.4 million in 2024.
Income tax benefits of $23.6 million further boosted profitability, while tax provisions for 2024 were $324,000.
The group’s overall spending will rise to $1 billion by 2025, compared with $827.1 million in 2024.
This included an increase in net claims and claim expenses from $524.3 million to $616.2 million, as well as net acquisition expenses of $195.4 million and general and administrative expenses of $174.9 million.
Ultimately, Vantage’s full-year income before income taxes reached $178.1 million, an increase of 76.7% from $100.8 million in 2024.
Following the successful completion of the Howard Hughes Holdings Inc. acquisition in June 2026, these strong 2025 results set a positive backdrop for Vantage’s next corporate chapter.
The all-cash transaction is valued at approximately $2.1 billion. Under the terms of the agreement, Vantage will continue to operate under the existing brand and leadership team led by CEO Greg Hendrick.
Bill Ackman, founder and CEO of Pershing Square Capital Management, said Howard Hughes’ $2.1 billion acquisition of Vantage echoes Warren Buffett’s early moves at Berkshire Hathaway as the company he backs looks to build a diversified holding company.
