Vantage Group Holdings to be acquired by Howard Hughes Holdings

PR Newswire

HAMILTON, Bermuda, Dec. 18, 2025

Vantage's Diversified Specialty Insurance Platform Delivers Lower Risk and Superior Return Potential

HHH to Host a Conference Call and Presentation on Thursday, December 18 at 8:30 a.m. ET, With an X Spaces Session to Follow

/PRNewswire/ -- Vantage Group Holdings Ltd. ("Vantage"), a privately held leading specialty insurance and reinsurance company backed by Carlyle and Hellman & Friedman today announced that it has entered into a definitive agreement for Howard Hughes Holdings Inc. (NYSE: HHH) ("Howard Hughes," "HHH," or the "Company") to acquire 100% of Vantage for $2.1 billion in cash or approximately 1.5x year-end 2025 book value. The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals. Upon closing, Vantage will anchor Howard Hughes' transformation into a diversified holding company.HAMILTON, BermudaDec. 18, 2025

Founded in 2020, Vantage has scaled into a next-generation leading specialty insurer and reinsurer, offering a diversified portfolio of global P&C products supported by modern infrastructure and advanced analytics.

"I'm excited about starting Vantage's next chapter through this acquisition," said Greg Hendrick, Chief Executive Officer of Vantage. "With Howard Hughes' permanent capital and long-term vision, we expect to strengthen our balance sheet and expand opportunities in specialty insurance, reinsurance, and partnership capital. After closing, we anticipate enhanced resources to fuel profitable growth, drive innovation, and deliver even greater value to brokers and clients over time. None of this would be possible without the amazing passion and energy of 360 colleagues, the unwavering support of Carlyle and Hellman & Friedman, and the incredible support of our brokers and clients."

Strategic Benefits of the Transaction:

Jim Burr, Co-Head of Global Financial Services at Carlyle, and Jitij Dwivedi, Partner in the Financial Services team at Carlyle, said: "We are proud to have partnered with Greg Hendrick and the entire Vantage management team over the past five years and support the launch and build-out of the business. Together, we have built a top tier specialty insurance and re-insurance business, differentiated by its culture and tech-enabled underwriting platform, delivered strong earnings growth and diversified Vantage's business model through innovative insurance-linked strategies. We think Howard Hughes will be a great home and wish Greg and the Vantage team continued success as it enters its next phase of growth."

"We are so proud of what Greg and the team have built since we launched together in 2020. Today, Vantage is a high-quality insurance and reinsurance franchise with an excellent team and deep underwriting capabilities. We look forward to watching its continued growth and success in its next chapter," said Adam Halpern-Leistner, Partner at Hellman & Friedman, and Hunter Philbrick, Partner at Hellman & Friedman.

HHH Executive Chairman Bill Ackman, CIO Ryan Israel, and CEO David O'Reilly will discuss the Vantage acquisition on a conference call tomorrow morning, Thursday, December 18, at 8:30 a.m. ET. The call will be followed by an X Spaces Session, with a town hall format open to the public providing the opportunity for participants to ask questions and engage in dialogue with HHH's executive leadership.Conference Call and X Spaces Session Information

To listen to the conference call and view the accompanying presentation via a live webcast, please visit the Howard Hughes website event registration webpage

The X Spaces session will be available at https://x.com/BillAckman

J.P. Morgan Securities LLC is acting as exclusive financial advisor to Vantage. Debevoise & Plimpton LLP is acting as legal counsel. Jefferies LLC is acting as financial advisor to Howard Hughes Holdings, and Latham & Watkins are acting as legal counsel. Oliver Wyman is acting as the Company's actuarial advisor.Advisors

.www.vantagerisk.comAbout Vantage Group Holdings

.www.howardhughes.comAbout Howard Hughes Holdings

.carlyle.comAbout Carlyle

The Carlyle Group@OneCarlyle

.www.hf.comAbout Hellman & Friedman

Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "expect," "enables," "realize," "plan," "intend," "assume," "transform" and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.'s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.Safe Harbor Statement

203-918-7151john.flannery@vantagerisk.comMedia Relations:

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SOURCE Vantage

Vantage will continue to operate with the same name, brand, and culture, with our colleagues retaining the same roles, teams, and go-to-market strategy.
HHH's holding-company ownership of Vantage provides long-term capital support which materially strengthens Vantage's credit profile and underwriting flexibility. An emphasis on underwriting profitability—driven by disciplined risk selection, pricing, and portfolio optimization rather than growth—will allow Vantage to effectively navigate the insurance cycle and optimize asset allocation over time.
Pershing Square will manage Vantage's assets on a fee-free basis, enhancing investment returns and furthering alignment with policyholders and shareholders. Over time, Vantage's investment portfolio will be directly invested in cash, short-term Treasurys, high-quality fixed-maturity securities, and a portfolio of common stocks subject to rating agency and regulatory considerations.