Hildene Capital to Acquire U.S. Annuity Provider SILAC for $550M

Hildene Capital Management, a credit-focused alternative asset manager with over $18 billion in assets, has entered into a definitive agreement to acquire SILAC, Inc., a leading U.S. fixed and fixed indexed annuity provider. SILAC operates across 48 states and the District of Columbia, offering a broad footprint in the independent marketing channel. This acquisition represents a strategic move to expand Hildene's insurance solutions platform and enhance investment and risk management capabilities within SILAC.\n\nThe transaction will result in Hildene acquiring all outstanding common equity of SILAC for approximately $550 million in cash, pending regulatory approvals expected by mid-2026. SILAC reported capital and surplus of around $505 million and admitted assets totaling approximately $10 billion as of September 2025. In 2024, SILAC originated roughly $2.5 billion in annuities, primarily fixed indexed annuities. Ratings agencies have assigned SILAC investment-grade financial stability ratings, including BBB from KBRA and Fitch, and B from AM Best.\n\nHildene has been actively involved with SILAC since its 2022 strategic minority investment and manages part of SILAC’s investment portfolio. Post-acquisition, Hildene plans to expand its investment management role to cover all SILAC assets, aiming to leverage its expertise to drive growth and innovation. This transaction also builds on an existing reinsurance relationship between SILAC and Hildene Re SPC, Ltd., Hildene's Cayman-based reinsurer.\n\nLeadership changes will accompany the acquisition, with Daniel Acker, current SILAC President and Chief Marketing Officer, stepping in as CEO. The transition aims to accelerate product innovation and bolster the company’s distribution model amid favorable market conditions for annuities. SILAC plans to strengthen its executive team further, aligning resources to support its next phase of growth.\n\nThis acquisition signifies a consolidation in the annuities sector, positioning SILAC to capitalize on current tailwinds in demand for retirement income solutions. The addition complements Hildene's alternative investment strategies, enriching its platform and origination capabilities within the insurance market. Advisors on the deal included Jefferies and Kirkland & Ellis for Hildene, and Piper Sandler & Co. and Mintz Levin for SILAC.