Avocet Partners Launches $500M Capital Platform to Acquire EMC Life Insurance

Avocet Partners has initiated a new insurance-centered investment and operations platform backed by $500 million in committed equity from Oaktree Capital Management and Lane42 Investment Partners. Based in New York, Avocet aims to acquire, operate, and expand life insurance platforms while creating an ecosystem of related investment and service entities. The firm has announced an agreement to acquire EMC National Life Insurance Company (EMC Life), offering an immediate national presence with licenses in 48 states and about 80 professionals headquartered in Des Moines, Iowa. EMC Life is slated to become Avocet's foundational carrier as it aims to build a multi-line life and annuity organization. The acquisition includes plans for significant capital investment to improve EMC Life's operations and growth initiatives, focusing on launching annuity products via independent marketing organizations and other strategic channels, alongside expanding the life insurance business. The takeover is anticipated to finalize in 2026, pending customary regulatory approvals and the demutualization of EMC National Life Mutual Holding Company. Post-acquisition, EMC Life will be rebranded. Avocet's leadership consists of seasoned insurance operators with previous senior roles in both insurers and insurance-focused investment firms. Oaktree and Lane42 emphasize Avocet's strategic positioning to capitalize on the insurance market's long-term fundamentals through a robust carrier platform supported by experienced management. The transaction's advisory team includes Kirkland and Ellis and Latham and Watkins for legal counsel, Oliver Wyman for actuarial advice, Piper Sandler as financial advisor to EMC Life, and Nyemaster Goode and Faegre Drinker providing additional legal counsel. The acquisition and the launch of Avocet underscore a strategic investment focusing on scalable growth in life insurance and annuity sectors, with an emphasis on enhanced asset management expertise and operational capabilities.