Daily Digest: Howard Hughes to buy Vantage, Reinsurance levy rises for boxships, NAIC objects to AI rules

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Howard Hughes to acquire Vantage for $2.1bn US investment group Howard Hughes Holdings has agreed to acquire Bermuda-based re/insurer Vantage Group for $2.1bn. Founded in 2020 and backed by private equity firms Carlyle and Hellman & Friedman, Vantage underwrites a diversified portfolio of global property/casualty products, with net written premiums of $1.2bn. Vantage chief executive, Greg Hendrick, said the transaction would provide permanent capital to support its growth in specialty insurance, reinsurance and partnerships.