26North Re Enters U.S. Insurance Market With Independent Life Acquisition

26North Reinsurance Holding Company has agreed to acquire 100% of Independent Insurance Group, the parent of Independent Life Insurance Company, marking the firm’s entry into the U.S. insurance market and the establishment of its first onshore platform.

Independent Life is the only carrier exclusively dedicated to issuing structured settlement annuities for personal injury claimants and their families, the firms said. The company will continue to operate under its existing brand following the close of the transaction.

The acquisition complements 26North Re’s existing Bermuda- and Cayman-domiciled operations. Following the close, 26North Re intends to back the business with long-term capital and proprietary asset origination to accelerate growth and enhance competitive pricing for settlement planners and claimants.

“This partnership will strengthen Independent Life’s leading franchise and provide resources to enable consistent competitive pricing for settlement planners and claimants,” said Cole Charnas, Senior Partner at 26North.

Donald Herrema, CEO of Independent Insurance Group, said the transaction positions the company for a new phase of growth. “Joining 26North Re gives Independent Life access to institutional-scale capabilities,” Herrema said. “Under 26North’s stewardship, we are positioned to serve more clients, in more markets with greater confidence than ever before.”

RBC Capital Markets is serving as financial advisor to 26North Re and Kirkland & Ellis LLP is serving as legal counsel. Piper Sandler & Co. is acting as exclusive financial advisor to Independent Group and Mayer Brown LLP is acting as legal counsel.