26North Re to buy Independent Insurance Group
The deal creates an onshore U.S. insurance platform focused on structured settlement annuities and backed by long-term capital.
Under a definitive agreement, 26North Reinsurance Holding Company will acquire 100% of Independent Insurance Group, parent of Independent Life Insurance Company, a U.S. carrier that underwrites structured settlement annuities for personal injury claimants and their families.
Independent Life is the only U.S. insurer focused solely on that product, creating long-term payment streams for claimants.
The deal gives 26North Re its first onshore U.S. insurance platform, alongside existing Bermuda- and Cayman-domiciled reinsurance operations.
Founded in 2022, 26North Re has roughly $13 billion in pro forma assets and serves more than 100,000 U.S. policyholders; 26North Partners LP manages about $37 billion.
Independent Group has reinsurance backing from Hannover Re USA, and Independent Life will keep its brand after closing.
Terms were not disclosed; the transaction requires customary regulatory approvals, including state insurance department reviews, with RBC Capital Markets and Kirkland & Ellis advising 26North Re and Piper Sandler and Mayer Brown advising Independent Group.