M&A Deal Summary

Howard Hughes Holdings Acquires Vantage

On December 18, 2025, Howard Hughes Holdings acquired insurance company Vantage from Hellman & Friedman and The Carlyle Group for 2.1B USD

Acquisition Highlights
  • This is Howard Hughes Holdings’ 1st transaction in the Insurance sector.
  • This is Howard Hughes Holdings’ largest (disclosed) transaction.
  • This is Howard Hughes Holdings’ 1st transaction in Bermuda.

M&A Deal Summary

Date 2025-12-18
Target Vantage
Sector Insurance
Buyer(s) Howard Hughes Holdings
Sellers(s) Hellman & Friedman
The Carlyle Group
Deal Type Add-on Acquisition
Deal Value 2.1B USD
Advisor(s) J.P. Morgan Securities (Financial)
Debevoise & Plimpton (Legal)

Target

Vantage

Pembroke, Bermuda
Vantage is a commercial property & casualty insurance carrier that utilizes technology and analytics to efficiently underwrite business in attractive segments of the commercial insurance market. Vantage was founded in 2020 and is based in Pembroke, Bermuda.

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Buyer(S) 1

Buyer

Howard Hughes Holdings

The Woodlands, Texas, United States

Category Company
Sector Business Services
Revenue 1.8B USD (2024)
DESCRIPTION

Howard Hughes Holdings (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands, Bridgeland and The Woodlands Hills in the Greater Houston, Texas area; Summerlin in Las Vegas; Teravalis in the Greater Phoenix, Arizona area; Ward Village in Honolulu, Hawai?i; and Merriweather District in Columbia.


DEAL STATS #
Overall 1 of 1
Sector: Insurance M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
Country: Bermuda M&A 1 of 1
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 2

SELLER

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 115.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 64 of 64
Sector: Insurance M&A 5 of 5
Type: Add-on Acquisition M&A Deals 14 of 14
Country: Bermuda M&A 2 of 2
Year: 2025 M&A 3 of 3
Size (of disclosed) 12 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-15 SimpliSafe

Boston, Massachusetts, United States

SimpliSafe is a provider of residential monitored security solutions. SimpliSafe’s proprietary security systems are sold to consumers on a DIY installation basis, offering customers a full range of features including intrusion and fire detection, video, and smart home integration. SimpliSafe was founded in 2006 and is based in Boston, Massachusetts.

Sell -
SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 490 of 490
Sector: Insurance M&A 9 of 9
Type: Add-on Acquisition M&A Deals 203 of 203
Country: Bermuda M&A 2 of 2
Year: 2025 M&A 6 of 6
Size (of disclosed) 20 of 138
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-06 Sterling

East York, Ontario, Canada

Sterling provides a comprehensive suite of group benefits solutions to Canadian and multinational corporations through its proprietary tech platform, which integrates with HRIS and payroll systems to seamlessly connect employers and insurance carriers. Its differentiated model combines high-touch client service with tech-enabled benefits administration capabilities, simplifying plan management and expanding access to insurance products from top Canadian carriers. Sterling was formed in 2014 and is based in East York, Ontario.

Buy -