Hildene Capital Management has agreed to acquire SILAC, Inc., parent of SILAC Insurance Company, in a cash deal valued at about $550 million.
The transaction will give the $18+ billion credit-focused alternative asset manager full ownership of the fixed and fixed indexed annuity provider, which operates across 48 states and the District of Columbia from its headquarters in Carmel, Indiana.
The deal follows Hildene’s 2022 strategic minority investment in SILAC and an existing reinsurance arrangement with Hildene Re SPC, Ltd., its Cayman-based reinsurer. Since 2023, Hildene has managed a portion of SILAC’s investment portfolio and, after closing, is expected to oversee all SILAC’s investment assets.
Hildene said the acquisition is intended to advance the growth of its insurance solutions platform and apply its alternatives expertise to investment and risk management strategies for SILAC.
Regulatory approvals will be required before the deal can close, and the parties expect completion in mid-2026, subject to customary conditions. Hildene said the consideration will be paid entirely in cash and will cover all outstanding common equity of SILAC.
For SILAC, the transaction is positioned as its next phase of expansion amid rising demand for annuity products. In 2024, SILAC originated approximately $2.5 billion of annuities, primarily fixed indexed annuities, and as of September 30, reported capital and surplus of about $505 million and total admitted assets of approximately $10 billion.
Industry data points to a supportive backdrop for that growth strategy, with LIMRA reporting US annuity sales of $226.1 billion in the first half of 2025, up 4% year over year, and fixed-rate deferred annuity sales of $45.2 billion in the second quarter.
The acquisition will also bring leadership changes at SILAC. On closing, current president and chief marketing officer G. Daniel Acker will become chief executive officer, succeeding Stephen Hilbert, who will step down from the CEO role.
“This acquisition represents an important inflection point for SILAC,” Acker said, adding that the firm expects to “accelerate our strategy and further enhance our capabilities as a leading annuity provider.”
He said employees, partners, agents and policyholders are expected to benefit from SILAC’s continued focus on innovation and its distribution model “as demand for annuity products continues to grow.”
LIMRA forecasts that total US annuity sales will surpass $400 billion in 2025, citing product innovation, expanded capitalization and greater awareness of guaranteed income among investors and advisors.
Brett Jefferson, president and co-chief investment officer of Hildene, said the transaction “will strengthen their ability to serve the long-term interests of its policyholders while broadening Hildene's product offerings and enhancing our platform and origination capabilities.” He also described Hildene as “a pioneer in credit investing,” emphasizing its “disciplined approach to asset management.”
