Hildene Capital Management, a credit-focused asset manager with approximately $12 billion of assets under management, has with entered into a long-term strategic alliance with US annuity provider SILAC Insurance Company.
Hildene Capital Management, a credit-focused asset manager with approximately $12 billion of assets under management, has entered into a long-term strategic alliance with US annuity provider SILAC Insurance Company (SILAC).
As part of the alliance, Hildene has acquired a strategic minority ownership interest in the SILAC. Additionally, SILAC has entered into a $2.5 billion quota share agreement with Hildene affiliate Ludlow Re SPC, Ltd (Ludlow Re), which will provide reinsurance for SILAC’s annuity products. Hildene will also provide investment management oversight to $2 billion of SILAC’s general account assets.
The alliance has been approved by applicable regulators and closed in late December 2022. Evercore, Inc and Kramer Levin Naftalis & Frankel LLP provided financial and legal advisory services, respectively, to Hildene. Goldman Sachs and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC provided financial and legal advisory services, respectively, to SILAC.
