26North Re enters US insurance market

26North Re announced an agreement to acquire Independent Insurance Group, the parent company of Independent Life Insurance Company, marking 26North Re’s entry into the U.S. insurance market.

Independent Life is focused exclusively on issuing structured settlement annuities for personal injury claimants and their families. Following the close of the transaction, the company will continue operating under its existing brand.

The acquisition also establishes 26North Re’s first onshore insurance platform, complementing its existing Bermuda and Cayman operations. According to the announcement, 26North Re plans to support Independent Life with long term capital and proprietary asset origination capabilities to help grow the business.

“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.” – 26North Senior Partner Cole Charnas.

The transaction gives the company access to “institutional scale capabilities” and positions it to serve more clients and markets.

The transaction remains subject to customary regulatory approvals, including reviews by state insurance departments.