Press Release|Insurance
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KBRA Places Rating of Independent Life Insurance Company on Watch Developing Following the Announced Transaction with 26North Re

1 Jun 2026   |   New York

Contacts

KBRA places on Watch Developing the insurance financial strength rating (IFSR) of Independent Life Insurance Company (ILIC). The Watch Developing status reflects some uncertainty regarding the near-to-medium term impact of the pending acquisition of ILIC’s parent Independent Insurance Group, LLC (IIG, together with its affiliates, Independent) by 26North Reinsurance Holding Company (26North Re), following the signing of a definitive agreement. The transaction could provide strategic benefits under 26North Re’s ownership, including institutional-scale capabilities, long-term capital and proprietary asset origination. The transaction is subject to customary regulatory approvals, including review by applicable state insurance departments.

On June 1, 2026, 26North Re announced that it has agreed to acquire 100% of IIG, which operates ILIC. The acquisition marks 26North Re’s entry into the U.S. insurance market and establishes its first onshore platform. ILIC will continue to operate under its existing brand, preserving the relationships and service standards that settlement planners and their clients rely on. 26North Re intends to build on that foundation. Independent believes that joining 26North Re positions it to serve more clients in more markets.

Founded in 2022, 26North Re manages approximately $13 billion in assets on a pro forma basis, including multiple reinsurance transactions. 26North Partners LP is an integrated, multi-asset class investment platform founded by Josh Harris in 2022. It manages approximately $37 billion across private equity, private credit, insurance and reinsurance strategies.

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Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1015277