SILAC Insurance Company and Hildene Capital Management announce strategic alliance

Written by Adam Cadle

10/01/2023

US annuity provider, SILAC Insurance Company, and Hildene Capital Management, a credit focused asset manager with around $12bn of assets under management, have entered into a long-term strategic alliance.

As part of the alliance, Hildene has acquired a strategic minority ownership interest in the company. Additionally, SILAC has entered into a $2.5bn quota share agreement with Hildene affiliate Ludlow Re, which will provide reinsurance for SILAC’s annuity products. Hildene will also provide investment management oversight to $2bn of SILAC’s general account assets, leveraging its position as a manager of scale and expertise in attractive asset classes to benefit the company’s policyholders and shareholders.

Stephen Hilbert, chairman and CEO of SILAC, said: “I couldn’t be more pleased to form this strategic alliance with Hildene, a well-recognised credit investor with a disciplined approach to portfolio management. This transaction – along with our increased bank facility – accomplishes SILAC’s goal of managing our risk-based capital company action level at over 300%. I firmly believe that Hildene’s investment experience and commitment to SILAC’s future reinsurance needs augments our company’s strengths and positions SILAC to remain one of the leaders in the asset accumulation sector.”

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