Funds managed by Oaktree Capital Management agreed on 13 March to acquire a controlling stake in Atlantic Coast Life Insurance Company from Advantage Capital Holdings, while providing capital support to sister insurer Sentinel Security Life.
Why Oaktree Capital Management is buying Atlantic Coast Life Insurance Company (controlling stake)
Oaktree's Patrick George said the planned acquisition is the latest in a series of insurance investments made alongside companies during market dislocation or transition. A-CAP chairman Kenneth King said Oaktree's insurance-focused credit expertise and long-term capital would support disciplined growth and strengthen its ability to serve policyholders.
Deal terms and financing
Oaktree will fund a surplus note investment into a newly created captive insurance company supporting Sentinel. All net proceeds are to be used for Sentinel and its policyholders. No price was disclosed.
Regulatory approvals and timing
Closing requires A-CAP to complete restructuring transactions to carve out ACL, plus regulatory approvals. Insurance Journal reported on 16 September 2026 that South Carolina's insurance director had petitioned a state court to place Atlantic Coast Life and a reinsurance subsidiary into rehabilitation, calling them financially hazardous; Oaktree had not announced completion of its deal.
Market context
A-CAP, a New York-based insurance and financial services group with more than $16bn of assets under management, has faced scrutiny over its exposure to collapsed investment firm 777 Partners.
