26North Re Enters US Market with Niche Insurance Group Acquisition

NEW YORK, NY – June 01, 2026 – In a significant strategic move, 26North Reinsurance Holding Company, the reinsurance arm of Josh Harris’s formidable 26North Partners investment platform, has announced its definitive agreement to acquire Independent Insurance Group. The deal marks 26North Re's inaugural entry into the U.S. insurance market, establishing an onshore platform that complements its existing offshore operations and signals a major new player in the highly specialized world of structured settlement annuities.

Independent Insurance Group, which operates Independent Life Insurance Company, holds a unique position in the industry as the only carrier exclusively dedicated to issuing structured settlement annuities. These financial products provide long-term, tax-free periodic payments to personal injury claimants, offering them financial security and stability. The acquisition will see Independent Life continue to operate under its existing brand, with 26North pledging to back the company with long-term capital and proprietary asset origination to fuel its expansion.

"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 in the official announcement. "For the people those settlements serve, 26North Re’s backing reinforces the certainty they have always counted on."

A Strategic Play for a Niche Market

The acquisition is more than just a purchase; it is a calculated entry into a market whose characteristics are exceptionally well-suited to the capabilities of a large, sophisticated asset manager. The U.S. structured settlement market has been experiencing a period of robust growth, reaching a record high of $9.48 billion in settlement proceeds structured in 2024, a 58% increase from just two years prior. This growth is fueled by a combination of higher interest rates making the annuities more attractive and a greater awareness among legal and claims professionals of their benefits.

For an investment platform like 26North, which manages approximately $37 billion in assets, the structured settlement market is particularly appealing. It is defined by long-dated liabilities—predictable, long-term payment obligations to policyholders—that require disciplined asset-liability management. This structure allows an asset manager to deploy capital over extended time horizons, leveraging expertise in private credit and other proprietary asset origination to generate returns that can support competitive and stable annuity pricing. This deal provides 26North Re with a direct channel to these desirable liabilities, establishing a U.S.-based anchor for its growing insurance and reinsurance strategy.

Josh Harris's Expanding Financial Empire

This transaction cannot be viewed in isolation. It is a key component of the ambitious vision of founder Josh Harris, who launched 26North Partners in 2022 after co-founding and building Apollo Global Management into an industry titan. In a short time, 26North has amassed significant assets across private equity, private credit, and insurance, positioning itself as a next-generation, multi-asset class platform focused on the middle market.

The firm's strategy emphasizes deploying flexible capital where traditional sources may be scarce. Insurance and reinsurance are a core pillar of this strategy. By acquiring a company like Independent Insurance Group, 26North is not just buying a book of business; it is vertically integrating, gaining a platform that generates long-term liabilities that can be matched against the firm's investment strategies. This move follows a trend of large alternative asset managers recognizing the powerful synergy between insurance operations and private credit, creating a self-reinforcing ecosystem of capital.

Reshaping the Landscape for Injury Claimants

For the personal injury claimants and the settlement planners who advise them, the arrival of a financial heavyweight like 26North could herald a new era. Independent Life, while a smaller player compared to giants like MetLife or Prudential, has carved out a significant niche through its exclusive focus and has posted impressive growth, with its annual production increasing by over 44% in 2024.

The infusion of capital and institutional expertise from 26North is expected to supercharge this trajectory. Independent Group CEO Donald Herrema noted the significance of the backing, stating, "Joining 26North Re gives Independent Life access to institutional-scale capabilities. Under 26North’s stewardship, we are positioned to serve more clients, in more markets with greater confidence than ever before."

This confidence could translate into tangible benefits for policyholders. Enhanced financial strength, as validated by rating agencies, is paramount in the structured settlement space where payments are guaranteed for decades. With greater capital, Independent Life may be able to offer more competitive pricing, allowing claimants to secure larger periodic payments from their settlement funds. Furthermore, the investment could spur product innovation. Independent Life has already signaled its intent to introduce new market-based solutions, and with 26North's resources, it could accelerate the development of more flexible and modern annuity products to meet evolving client needs.

Navigating the Regulatory Path

Before the deal can be finalized, it must pass through a rigorous regulatory approval process. The transaction is subject to review by multiple state insurance departments, most notably in Texas, where Independent Life is domiciled. Regulators will conduct a thorough examination of the acquisition to ensure it meets stringent standards for policyholder protection, financial solvency, and market conduct.

This oversight is a cornerstone of the U.S. insurance system and provides a critical layer of security for consumers. State regulators will scrutinize 26North's financial condition and its long-term plans for Independent Life to ensure the continued safety and soundness of the insurer. While described as a step involving "customary regulatory approvals," this process is meticulous and designed to confirm that the new ownership will uphold the long-term promises made to thousands of injury victims who depend on their structured settlement payments for their future financial well-being. The industry will be watching closely as 26North's capital and strategic vision begin to reshape this specialized, but vitally important, corner of the financial world.