Howard Hughes Holdings’ agreement to acquire Vantage Group Holdings for roughly $2.1 billion marks the next step in Bill Ackman’s long-stated ambition to build another Berkshire Hathaway.
The transaction, announced today and expected to close in the second quarter of 2026, transforms Howard Hughes from a pure-play real estate operator into a diversified holding company anchored by a regulated insurance balance sheet and fueled by what Warren Buffett has often described as “wonderful” insurance float.
With the ownership question settled, attention now turns to what matters most for long-term value creation: how that balance sheet will be invested.
Vantage enters the deal from a position of financial stability rooted in underwriting performance. In its most recent statutory and GAAP disclosures, the insurer reported net income of 94.3 million in 2024, essentially flat with 93.0 million in 2023, despite rapid growth in underwriting volume. Net earned premiums increased 25% year over year to $480.7 million, up from $385.5 million, reflecting expansion across assumed reinsurance and specialty lines.
