Avocet Partners Launches $500M Insurance Platform, Acquires EMC Life

Avocet Partners has initiated a new insurance-centric investment and operating platform, supported by $500 million in committed equity capital from Oaktree Capital Management and Lane42 Investment Partners. The New York-based firm aims to acquire, operate, and expand life insurance platforms while developing a network of related investment and service companies. In line with this strategy, Avocet has reached a definitive agreement to acquire EMC National Life Insurance Company (EMC Life) from EMC Insurance, providing it with a national platform licensed in 48 states and a professional team of about 80 individuals based in Des Moines, Iowa. EMC Life is envisioned as the foundational carrier for Avocet as it seeks to build a comprehensive, multi-line life and annuity business. Avocet plans significant capital investments to enhance EMC Life's operations and growth prospects, including the launch of annuity products through independent marketing organizations and other strategic channels, while continuing to expand its life insurance offerings. The acquisition is anticipated to close in 2026, pending standard closing conditions such as regulatory approvals and the demutualization of EMC National Life Mutual Holding Company. EMC Life is expected to be rebranded around the time of closing. The founding team of Avocet consists of seasoned insurance operators with previous senior leadership experience across insurers and insurance-focused investment firms. Both Oaktree Capital Management and Lane42 have expressed confidence in Avocet’s approach, highlighting the segment's strong long-term fundamentals and the potential for sustained growth through a combination of an experienced team and a well-established carrier platform. Professional advisors involved in the transaction include legal counsel from Kirkland and Ellis and Latham and Watkins for Avocet, with actuarial advice from Oliver Wyman. EMC Life was advised financially by Piper Sandler, with legal counsel from Nyemaster Goode and Faegre Drinker representing EMC and EMC National Life Mutual Holding Company respectively. This acquisition and capital commitment underscore a strategic focus on building a premier, highly rated life and annuity insurer capable of meeting evolving market needs. This move reflects ongoing industry trends where investment firms are backing insurance platforms to capitalize on demographic shifts and the growing demand for retirement and income-related products. The creation of a multi-line life and annuity entity through a robust capital base and operational expertise positions Avocet to navigate regulatory landscapes and competitive pressures effectively.