AM Best Lifts Vantage Risk's Review Tag After Howard Hughes Deal

AM Best has affirmed Vantage Risk Ltd.'s A- (Excellent) financial strength rating and removed the firm from under review with developing implications, following its $2.1 billion acquisition by Howard Hughes Holdings (HHH).

The affirmation covers Vantage Risk Ltd. (Bermuda) and its affiliates. The rating agency cited Vantage's “very strong” balance sheet strength, adequate operating performance, limited business profile, and appropriate enterprise risk management.

HHH closed the acquisition of Vantage Group from Carlyle and Hellman & Friedman on June 4th, 2026. Vantage Group writes insurance, reinsurance, and insurance-linked securities.

AM Best assigned a positive outlook to the rating. The agency said it expects Vantage to expand its specialty and reinsurance market presence and execute its post-acquisition business plan. The rating agency also noted Vantage's independence under HHH and said it expects future capital infusions rather than dividend outflows.

A Vantage spokesperson said the affirmation and a $200 million capital injection at closing show the firm's operating fundamentals and capital position are consistent with – or enhanced from – what supported the A- rating since 2020. “Under Howard Hughes' permanent capital structure, Vantage remains focused on disciplined underwriting and profitable growth,” the spokesperson said.

AM Best had placed the ratings under review with developing implications in December 2025, when the acquisition was announced.