26North Reinsurance Holding Company announced that it has entered into a definitive agreement to acquire 100% of Independent Insurance Group, the parent company of Independent Life Insurance Company, the only insurer exclusively focused on issuing structured settlement annuities for personal injury claimants and their families.
The acquisition marks 26North Re’s entry into the U.S. insurance market and establishes its first onshore insurance platform, complementing its existing Bermuda and Cayman operations. Following the transaction’s completion, Independent Life will continue to operate under its existing brand, maintaining its relationships with settlement planners and clients while benefiting from 26North Re’s long-term capital support and proprietary asset-origination capabilities.
The deal also gives 26North Re access to the structured settlement market, a specialized segment of the insurance industry that requires long-duration liability management, disciplined underwriting, and sophisticated asset management expertise.
Founded in 2022, 26North Re manages approximately $13 billion in assets on a pro forma basis through multiple reinsurance transactions with industry-leading partners. The company supports the long-term financial security of more than 100,000 policyholders across the United States.
The transaction remains subject to customary regulatory approvals, including reviews by applicable state insurance departments.
RBC Capital Markets is serving as financial advisor to 26North Re, with Kirkland & Ellis LLP acting as legal counsel. Piper Sandler & Co. is serving as exclusive financial advisor to Independent Group, while Mayer Brown LLP is acting as legal counsel.
KEY QUOTES:
“This partnership will strengthen Independent Life’s leading franchise and provide the resources to enable consistent competitive pricing for settlement planners and claimants. For the people those settlements serve, 26North Re’s backing reinforces the certainty they have always counted on. We look forward to working alongside the management team on the next phase of the company’s expansion.”
Cole Charnas, Senior Partner, 26North Re
“Joining 26North Re gives Independent Life access to institutional-scale capabilities. Under 26North’s stewardship, we are positioned to serve more clients, in more markets with greater confidence than ever before.”
Donald Herrema, CEO, Independent Insurance Group
