Salem Group Partners LP, through its subsidiary Salem Group Holdings LLC, has completed its acquisition of ManhattanLife of America Insurance Company, according to Westaim Corporation.
Salem Group is an investment vehicle of Westaim. ManhattanLife holds insurance licenses in 46 states, including in the District of Columbia.
The acquisition is part of Westaim’s previously announced transaction with CC Capital Partners LLC. It aligns with Westaim’s strategy to develop an integrated insurance and asset management platform.
The transaction also marks a significant step in advancing the company’s plans to expand its presence in the insurance sector while integrating asset management capabilities, the company said.
Westaim is an investment company specializing in providing long-term capital to businesses operating primarily within the global financial services industry. It makes its investments through acquisitions, joint ventures and other arrangements.
In January, the company said it would appoint Menes Chee to its board as an independent, non-executive director upon completion of the company’s transaction with CC Capital, which was announced in October 2024.
Under that deal, CC Capital and Westaim will create an insurance and asset management platform through the combination of Westaim, Arena Investors LP and Ceres Life Insurance Company. That transaction is expected to close in the first quarter of 2025.
