A Stamford alternative asset manager plans to buy an Indiana-based provider of fixed and fixed indexed annuity products for $550 million, while also selling a 50% ownership stake in its own parent company to Jefferies Financial Group.
Hildene Capital Management said it signed a definitive agreement to acquire SILAC Inc., the Carmel, Indiana-based parent of SILAC Insurance Co. SILAC sells annuity products in 48 states and the District of Columbia and traces its roots to 1935.
Founded in 2008, Hildene manages about $18 billion in assets across hedge funds, separately managed accounts, insurance and securitization vehicles. The firm has offices in Stamford and Durham, North Carolina.
The deal follows Hildene’s 2022 minority investment in SILAC and an existing reinsurance arrangement between SILAC and Hildene Re SPC Ltd., Hildene’s Cayman Islands-based reinsurer. Since 2023, Hildene has managed part of SILAC’s investment portfolio and expects to assume responsibility for all of SILAC’s investment assets after closing.
Hildene will acquire all outstanding SILAC common equity for roughly $550 million in cash, pending regulatory approval. The transaction is expected to close in mid-2026.
As of Sept. 30, SILAC reported capital and surplus of about $505 million and roughly $10 billion in total admitted assets. The company originated approximately $2.5 billion in annuities in 2024, primarily fixed indexed products, and holds financial strength ratings of BBB (KBRA), BBB- (Fitch) and B (AM Best), according to Hildene.
SILAC President and Chief Marketing Officer G. Daniel Acker will become CEO upon closing, replacing Stephen Hilbert, who will step down. Hildene said additional leadership hires are planned.
In a separate transaction, New York-based Jefferies will acquire a 50% interest in Hildene Holding Co., the parent of Hildene Asset Management, in exchange for $340 million in cash, a revenue share it has held since 2022 and part of its interest in a Hildene-managed private fund. Hildene’s principals will retain the remaining 50%.
That deal is expected to close in the third quarter of 2026.
Upon completion, Hildene will also own a majority interest in Hildene Re SPC Ltd., which focuses on single-premium wealth accumulation and retirement products.
