Hildene Capital to Acquire SILAC Annuity Provider for $550M; Jefferies Buys 50% Stake in Hildene

Hildene Capital Management, a Stamford-based alternative asset manager with approximately $18 billion in assets under management, has signed a definitive agreement to acquire SILAC Inc., a Carmel, Indiana-based provider of fixed and fixed indexed annuity products, for approximately $550 million in cash, subject to regulatory approval. SILAC operates in 48 states plus the District of Columbia, offering annuity products with a history dating back to 1935. This acquisition builds on Hildene's previous minority investment in SILAC in 2022 and an existing reinsurance partnership through Hildene Re SPC Ltd., a Cayman Islands-based reinsurer. SILAC reported capital and surplus of about $505 million and total admitted assets around $10 billion as of September 30. In 2024, SILAC originated approximately $2.5 billion in annuities, mainly fixed indexed annuity products. The company holds credit ratings including BBB (KBRA), BBB- (Fitch), and B (AM Best). Post-acquisition, SILAC President G. Daniel Acker will become CEO, succeeding Stephen Hilbert, with further leadership changes anticipated. Simultaneously, New York-based Jefferies Financial Group will acquire a 50% ownership stake in Hildene Holding Co., the parent of Hildene Asset Management, for $340 million in cash, revenue sharing rights, and part of its interest in a Hildene-managed private fund. Hildene's principals will retain the remaining 50%. This transaction is slated to close in Q3 2026. Upon completion, Hildene will also hold a majority interest in Hildene Re SPC Ltd., focusing on single-premium wealth accumulation and retirement products. The acquisition aligns with broader trends in the asset management and insurance sectors where alternative asset managers are expanding their footprint in insurance-linked products and reinsurance ventures. This strategic expansion reflects increasing investor interest in fixed indexed annuities, a popular retirement product amid fluctuating market conditions. Regulatory approvals remain pending, highlighting the importance of compliance oversight in large-scale insurance industry transactions. The anticipated mid-2026 and Q3-2026 closing timelines for the respective deals underscore extended deal cycles in the regulated insurance and asset management industries.