Hildene Capital Management is set to acquire the parent company of SILAC Insurance Company, a US annuity provider, in a deal valued at $550m (£412.8m).
Following completion, the $18bn alternatives manager, which focuses on credit investing, will assume responsibility for all of SILAC’s investment assets, having managed a portion since 2023.
The deal builds on Hildene’s minority investment in Indiana-based SILAC in 2022 and a reinsurance agreement between the annuity provider and Hildene’s reinsurer.
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Through the acquisition, the manager aims to deliver investment and risk management strategies to SILAC’s policyholders.
“The acquisition of SILAC will strengthen its ability to serve the long-term interests of its policyholders while broadening Hildene’s product offering and enhancing our platform and origination capabilities,” said Brett Jefferson, president and co-chief investment officer at Hildene.
Alongside the deal, SILAC chief executive Stephen Hilbert has stepped down, with G. Daniel Acker, currently the firm’s president and chief marketing officer, assuming the role.
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“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.”
The transaction is expected to close in mid-2026, subject to customary closing conditions.
The move is the latest sign of alternative asset managers expanding into insurance balance sheets, following similar developments this week at Oaktree Capital Management, which is set to manage a share of Allianz’s reinsurance assets under a new partnership.
