Same Team, Same Approach

HAMILTON, Bermuda , June 4, 2026 /PRNewswire/ -- Vantage Group Holdings Ltd. ("Vantage"), a leading specialty insurance and reinsurance company, today announced that it has been successfully acquired by Howard Hughes Holdings Inc. (NYSE: HHH) ("Howard Hughes," "HHH"). The all-cash transaction, valued at approximately $2.1 billion, closed following receipt of all required regulatory approvals. With the closing complete, Vantage anchors Howard Hughes' transformation into a diversified holding company.

Founded in 2020, Vantage has scaled into a next-generation leading specialty insurer, reinsurer, and partnership capital organization, offering a diversified portfolio of solutions supported by modern infrastructure and advanced analytics.

"The closing today marks the beginning of an exciting next chapter for Vantage," said Greg Hendrick, CEO of Vantage. "Howard Hughes brings the permanent capital and the long-term horizon this business deserves. While our ownership changes, our team, underwriting discipline, and commitment to brokers and clients remain steadfast. I am deeply grateful to the colleagues who built Vantage over the past five years, and to our brokers and clients for their continued trust. We are proud of what we've built and moving forward we're ready to deliver even greater value to brokers and clients."

"Vantage will now become the cornerstone of Howard Hughes' transformation into a diversified holding company," said Bill Ackman, Executive Chairman of Howard Hughes. "The combination of Vantage's exceptional specialty insurance and reinsurance platform with Pershing Square's investment capabilities creates a powerful foundation from which we will seek to build a large, highly profitable insurance company and an enduring source of long-term value creation for Howard Hughes and its shareholders."

Realized at Closing

• Vantage continues to operate under its existing leadership team, with the same go-to-market strategy, distribution model, and service standards in effect.
  
  
• HHH's holding-company ownership of Vantage provides long-term capital support which will materially strengthen Vantage's credit profile and underwriting flexibility. HHH will make a $200M capital infusion in connection with the closing to further enhance Vantage's balance sheet. Vantage's focus remains on underwriting profitability driven by disciplined risk selection, pricing, and portfolio optimization.
  
  
• Pershing Square Capital Management will assume management of Vantage's investment portfolio on a fee-free basis, furthering alignment with policyholders and shareholders.

With closing complete, Vantage continues to focus on disciplined underwriting, profitable growth, and the broker and client relationships that define the business.

About Vantage Group Holdings

Vantage Group Holdings Ltd. (Vantage) was established in late 2020 as a re/insurance partner designed for the future. Driven by relentless curiosity, the Vantage team of trusted experts provides a fresh perspective on clients' risks and adds creativity to tech-enabled efficiency and robust analytics to address risks others avoid. Vantage is a subsidiary of Howard Hughes Holdings Inc. Additional information about Vantage can be found at www.vantagerisk.com.

About Howard Hughes Holdings

Howard Hughes Holdings Inc. (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country's preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands^®, Bridgeland^® and The Woodlands Hills^® in the Greater Houston, Texas area; Summerlin^® in Las Vegas; Teravalis^™ in the Greater Phoenix, Arizona area; Ward Village^® in Honolulu, Hawaii; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.

Media Relations:

John Flannery, Vantage Risk

john.flannery@vantagerisk.com

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SOURCE Vantage