Ackman’s Pershing Square bets $2.1B on insurer to build Berkshire-like platform at Howard Hughes
Howard Hughes to acquire Bermuda-based Vantage Group for $2.1 billion to anchor a diversified holding-company strategy, with a target closing in 2026.
Bill Ackman’s Pershing Square Capital Management is steering Howard Hughes Holdings toward an insurance-led platform after agreeing to acquire Bermuda-based specialty insurer Vantage Group Holdings for $2.1 billion in cash and stock.
The deal values Vantage at roughly 1.5 times its estimated year-end 2025 book value and is expected to close in the second quarter of 2026, subject to regulatory approvals. Howard Hughes will fund the purchase with cash on hand and up to $1 billion from Pershing Square through newly issued preferred stock. The preferred shares are non-interest bearing and non-voting, allowing the company to avoid regular interest payments and preserve control.
Ackman said, Learning from Mr. Buffett, we’ve taken a similar approach and began a search either for a management team to build a business around, or for an existing company we could acquire at a price that made sense and use as the core of this platform.
Investors greeted the news, with Howard Hughes shares rising about 3% on the day.
Howard Hughes, a 2010 spinoff tied to General Growth Properties’ bankruptcy, built its wealth by owning land and developing master-planned communities with houses, offices, shops and amenities. Its crown jewels include The Woodlands and Bridgeland outside Houston and Summerlin in Nevada. Ackman chaired the company from 2010 to 2024, then returned as executive chairman in May 2025 after Pershing Square boosted its stake to about 47%. The Vantage purchase is meant to speed up a pivot already in motion, including the spinoff of Seaport Entertainment Group last year, as the company looks to compound capital beyond real estate.
Vantage Group Holdings, based in Bermuda, specializes in property and casualty insurance lines, adding a new business footprint to Howard Hughes’ portfolio as the company works to diversify beyond land development. The deal framework includes using cash on hand plus up to $1 billion in financing from Pershing Square via preferred stock, a structure Ackman described as investor-friendly because the preferred is non-interest bearing and non-voting.
The deal underscores a broader strategy at Howard Hughes to transform from a land developer into a diversified holding company capable of compounding capital across multiple businesses. The move follows a broader reshaping of the company’s portfolio over the past year, including the spinout of Seaport Entertainment Group, as Ackman pushes for a Berkshire Hathaway–like structure anchored by steady, cash-generative insurance operations.