June 1, 2026 Reinsurance

26North Re Agrees to Acquire 100% of Independent Insurance Group

Business Wire

NEW YORK--(BUSINESS WIRE)--
26North Reinsurance Holding Company (“26North Re”) today announced that it has entered into a definitive agreement to acquire 100% of Independent Insurance Group, LLC (“Independent Group”), which operates Independent Life Insurance Company ("Independent Life"), the only carrier exclusively dedicated to 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 platform, complementing its existing Bermuda- and Cayman-domiciled operations. Independent Life will continue to operate under its existing brand following the close of the transaction, preserving the relationships and service standards that settlement planners and their clients rely on. 26North Re intends to build on that foundation, backing the business with long-term capital and proprietary asset origination to accelerate growth.

"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,” said 26North Senior Partner Cole Charnas. “We look forward to working alongside the management team on the next phase of the company’s expansion.”

With this transaction, 26North Re enters the structured settlement market, a specialized segment of the U.S. insurance industry in which long-dated liabilities, rigorous underwriting standards and disciplined asset management are prerequisites for all participants.

"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," said Independent Group CEO Donald Herrema.

The transaction is subject to customary regulatory approvals, including review by applicable state insurance departments.

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.

ABOUT 26NORTH REINSURANCE HOLDING COMPANY

Founded in 2022, 26North Re has approximately $13 billion in assets on a pro forma basis, including multiple reinsurance transactions with high-quality, industry-leading ceding partners. The company leverages long-term capital, prudent risk controls and 26North Partners LP’s asset management capabilities. 26North Re helps protect the long-term financial security of more than 100,000 policyholders across the United States.

ABOUT 26NORTH PARTNERS LP

26North Partners LP is an integrated, multi-asset-class investment platform founded by Josh Harris in 2022. The firm manages approximately $37 billion across private equity, private credit, insurance and reinsurance strategies, bringing flexible capital solutions and distinct capabilities to the middle market.

26North Private Equity deploys capital across buyouts, carve-outs and structured equity. 26North Private Credit primarily invests in direct lending, private asset-backed finance and commercial real estate lending.

The firm’s insurance business serves clients with disciplined asset-liability management and access to proprietary, privately originated assets.

The 26North team brings decades of experience managing third-party capital to help clients achieve their financial goals while making a lasting impact on the communities in which they operate.

For more information, visit www.26n.com.

ABOUT INDEPENDENT INSURANCE GROUP

Founded by insurance company experts, the Independent Group is a forward-thinking enterprise whose complementary product and service companies improve outcomes for all structured settlement stakeholders. Independent Life, its underwriting division, is dedicated to providing structured settlement solutions, including annuities, to serve the needs of injured parties, their families and advocates. With its unique profile and ambitious vision for the structured settlement industry, Independent Life has attracted world-class partners, such as Hannover Re USA, to support its growth and guarantees.