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Bill Ackman dials up banks for Howard Hughes insurance plan

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Bill Ackman dials up banks for Howard Hughes insurance plan

Will Caiger-Smith's avatar
Dan Mika's avatar
  1. Will Caiger-Smith
  2. +Dan Mika
•4 min read

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Hedge fund manager Bill Ackman has held discussions with bankers at Jefferies and UBS in recent weeks to discuss debt financing to back a potential bid for an insurance company by Howard Hughes Corporation, according to 9fin sources.

Buying and growing an insurance company is a critical step in Ackman’s plans to turn Howard Hughes — in which he owns a large stake through his fund Pershing Square — into a “modern-day Berkshire Hathaway”.

Discussions are still early and it is possible a deal may not materialize, but these plans are understood have coalesced around Vantage Risk Holdings, a fairly young insurer backed by Hellman & Friedman and Carlyle.

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