26North Reinsurance Holding Company has agreed to acquire 100% of Independent Insurance Group, a deal that will bring the reinsurer into the US insurance market and give it its first onshore operating platform through Independent Life Insurance Company, a specialist writer of structured settlement annuities.
The transaction marks a significant expansion for 26North Re, which said the acquisition will complement its existing Bermuda- and Cayman-domiciled operations. Independent Life will continue to operate under its current brand following the close, allowing the company to preserve the relationships and service model that settlement planners and claimants already rely on.
26North Re said it intends to build on that platform by supporting the business with long-term capital and proprietary asset origination capabilities as it seeks to accelerate growth. The company is entering a specialised part of the insurance market in which participants must manage long-dated liabilities, maintain disciplined asset management and meet demanding underwriting standards.
“This partnership will strengthen Independent Life’s leading franchise and provide the resources to enable consistent competitive pricing for settlement planners and claimants,” said 26North senior partner Cole Charnas. “For the people those settlements serve, 26North Re’s backing reinforces the certainty they have always counted on.” He added that the company looked forward to working with management on the next phase of expansion.
Independent Group chief executive Donald Herrema said the transaction would give the company access to broader institutional capabilities. “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.”
Independent Life is described as the only carrier dedicated exclusively to issuing structured settlement annuities for personal injury claimants and their families. That focus gives 26North Re a direct entry point into a niche segment of the US insurance industry that depends heavily on long-term financial certainty and specialist operational expertise.
The deal remains subject to customary regulatory approvals, including review by relevant state insurance departments. RBC Capital Markets is acting as financial adviser to 26North Re, with Kirkland & Ellis serving as legal counsel. Piper Sandler is acting as exclusive financial adviser to Independent Group, while Mayer Brown is serving as legal counsel.
If completed, the acquisition would give 26North Re a foothold in the US insurance market through a business with an established specialist identity and a defined role in the structured settlement sector.
