Avocet Partners Launches Platform with $500M Backing, Acquires EMC National Life

Avocet Partners has launched a new insurance-focused investment and operating platform, backed by $500 million in committed equity from Oaktree Capital Management and Lane42 Investment Partners. The platform aims to acquire, operate, and grow life insurance platforms, establishing a comprehensive ecosystem of investment and service entities. Avocet's founding team features experienced insurance operators with leadership backgrounds across major insurers and investment firms. Concurrent with its launch, Avocet agreed to acquire EMC National Life Insurance Company from EMC Insurance, securing a nationally licensed platform operating in 48 states and a workforce of about 80 professionals in Des Moines, Iowa. EMC Life will serve as a foundational carrier for Avocet's strategy to build a diversified life and annuity insurance organization. Avocet plans significant investments to enhance EMC Life's operational capabilities and support growth initiatives, including launching annuity products distributed through independent marketing organizations and expanding EMC Life's life insurance portfolio. The acquisition is subject to typical closing conditions, including regulatory approvals and the demutualization of EMC Life's mutual holding company, and is expected to close in 2026. Avocet's approach combines deep sector expertise with a disciplined growth strategy, supported by substantial permanent capital, aiming to build a premier, highly-rated life and annuity insurance carrier. Legal and advisory support for the transaction includes firms such as Kirkland & Ellis LLP, Latham & Watkins LLP, Oliver Wyman, and Piper Sandler & Co. Overall, the development reflects a strategic consolidation in the U.S. life and annuity insurance market, positioning Avocet to leverage industry dynamics and expand product offerings while enhancing operational scale and efficiency.