December 8, 2025 Reinsurance

Hildene Capital Management Announces Purchase Agreement to Acquire Annuity Provider SILAC

Business Wire

Acquisition of SILAC Furthers Hildene’s Commitment to Scaling its Insurance Solutions Business

New Ownership and Enhanced Resources Will Position SILAC for Continued Growth Amid Strong Annuities Sector Tailwinds

Daniel Acker to Become Chief Executive Officer of SILAC Upon Transaction Close

STAMFORD, Conn. & CARMEL, Ind.--(BUSINESS WIRE)--
Hildene Capital Management, LLC (together with its affiliates, “Hildene”), an $18+ billion credit-focused alternative asset manager, today announced it has signed a definitive agreement to acquire SILAC, Inc., the parent company of SILAC Insurance Company (“SILAC”), a leading provider of fixed and fixed indexed annuity products in the U.S. SILAC is headquartered in Carmel, IN and has operations across 48 states and the District of Columbia.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251208437669/en/

The proposed acquisition marks a significant step in the continued growth of Hildene’s insurance solutions platform. Leveraging its expertise in alternatives, Hildene aims to deliver innovative investment and risk management strategies that enhance growth and strengthen the financial stability of SILAC for the benefit of policyholders. The transaction builds on Hildene’s 2022 strategic minority investment in SILAC, as well as an existing reinsurance arrangement between SILAC and Hildene Re SPC, Ltd., Hildene’s Cayman-based reinsurer.

For SILAC, the transaction will help position the company for its next chapter of growth amid strong sector tailwinds and increase resources to drive innovation to help consumers reach their retirement goals. Since 2023, Hildene has managed a portion of SILAC’s investment portfolio, and, following the closing of the transaction, is expected to expand its investment management relationship with SILAC to cover all of SILAC’s investment assets.

Upon receiving regulatory approval, Hildene will acquire all of the outstanding common equity of SILAC for approximately $550 million in cash. As of September 30, 2025, SILAC had capital and surplus of approximately $505 million and approximately $10 billion of total admitted assets. In 2024, SILAC originated approximately $2.5 billion of annuities, primarily of fixed indexed annuities. SILAC has financial strength ratings from KBRA (BBB), Fitch (BBB-) and AM Best (B).

Go-Forward SILAC Leadership and Operations

Concurrent with the close of the acquisition, G. Daniel Acker, SILAC’s current President and Chief Marketing Officer, will assume the role of Chief Executive Officer. Acker brings over two decades of experience in driving growth and product innovation. Stephen Hilbert will step down from his current role of CEO. Hildene and SILAC also plan to further bolster SILAC’s leadership team with external hires to support strategic objectives and ongoing growth.

“This acquisition represents an important inflection point for SILAC,” said Acker. “It will enable us to accelerate our strategy and further enhance our capabilities as a leading annuity provider. Our employees, partners, agents and policyholders will benefit from our continued focus on innovation and our robust distribution model, especially as demand for annuity products continues to grow.”

Closing Conditions

The transaction is expected to close in mid-2026, subject to customary closing conditions, including the receipt of required regulatory approvals.

Brett Jefferson, President and Co-Chief Investment Officer of Hildene, said, “The acquisition of SILAC will strengthen their ability to serve the long-term interests of its policyholders while broadening Hildene's product offerings and enhancing our platform and origination capabilities. Since its inception, Hildene has been a pioneer in credit investing, consistently maintaining a disciplined approach to asset management.”

Advisors

Jefferies is serving as financial advisor and Kirkland & Ellis is serving as legal advisor to Hildene.

Piper Sandler & Co. is serving as financial advisor and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C is serving as legal advisor to SILAC.

About Hildene Capital Management

Hildene Capital Management, LLC (“Hildene”) is an alternative asset manager focused on credit investing through structured credit and asset-based credit strategies. Hildene manages approximately $18+ billion for a broad range of clients across hedge fund, drawdown, SMA, insurance and securitization vehicles, with a focus on maximizing returns through event-driven strategies. The firm’s investment process extends above and beyond traditional market valuation processes and utilizes rigorous analysis and research to identify mispriced assets which may be overlooked or misunderstood by other market participants. Hildene was founded in 2008 and has offices in Durham, North Carolina and Stamford, Connecticut. For additional information, please visit: www.hildenecap.com.

About SILAC

SILAC was founded in 1935. Its operations are conducted primarily in Salt Lake City, Utah, with executive offices in Carmel, Indiana, and a satellite office in Overland Park, Kansas. Since 2018, SILAC has offered fixed indexed annuity products and has quickly grown to a leading provider of fixed annuities in the independent marketing channel. SILAC is licensed in 48 states and the District of Columbia. For more information visit www.silacins.com.