JAB Insurance Backs Launch of 1823 Partners with Multibillion-Dollar Portfolio
Miami, July 27, 2025 – JAB Insurance US Holdings, Inc., a subsidiary of JAB Holding Company, has announced its support for the launch of 1823 Partners (US) LLC, a new asset management firm specializing in insurance-focused investment strategies. The Miami-based firm, co-founded by industry veteran Anant Bhalla, Joachim Creus, and Frank Engelen, will manage a multibillion-dollar asset mandate from JAB Insurance, with an initial focus on real estate, asset-backed finance, credit, and insurance solutions. Bhalla, a former executive at American Equity Investment Life Holding Company, will lead 1823 Partners as CEO.
The firm aims to deliver superior risk-adjusted returns for independent insurance companies and institutional investors through a unique approach that blends rigorous asset and liability risk management with private market opportunities. Unlike traditional asset management models, 1823 Partners has adopted a performance-based fee structure, earning fees only after returns exceed a 6% hurdle rate, aligning incentives with the long-term interests of insurance clients. “By investing long-term insurance company policyholder resources across public fixed income and bespoke private market opportunities, we seek to provide predictable, durable cash flows with strong risk-adjusted returns,” Bhalla said in a statement.
1823 Partners, a registered investment adviser, will initially serve JAB Insurance’s portfolio entities, including Prosperity Life Group, which JAB is acquiring for $3 billion. The acquisition, announced in February 2025, is part of JAB’s broader strategy to build a global insurance platform, complementing its existing success in pet insurance through subsidiaries like Independence Pet Holdings and Pinnacle Pet Group. The firm is headquartered in Miami, with an additional office in New York, and plans to expand its team to approximately 60 investment professionals by year-end.
Bhalla has criticized traditional asset management models, arguing that high fees often erode value for insurers, who bear long-duration risks without adequate compensation. “The curator of alpha for an insurance company does not exist,” he told the Financial Times, highlighting the misalignment in models where public asset managers prioritize fee generation over insurer returns. 1823 Partners aims to address these issues by offering tailored investment strategies and risk advisory services designed to support insurance companies’ long-term liabilities.
The launch team includes experienced professionals such as James Hamalainen (Chief Operating Officer), formerly with American Equity Investment Life, Brighthouse Financial, and Ameriprise Financial; Ashok Vishnubhakta (Head of Commercial Credit), previously with Allstate Investments and GE Capital; and Pankil Doshi (Head of Commercial Real Estate), formerly with Cerberus Capital Management. “We are building a unified team with the mantra ‘One Team, One Dream,’ connecting main street insurance policyholder resources with main street borrowers,” Bhalla noted.
JAB Holding Company, known for investments in consumer goods brands like Krispy Kreme and Coty, is diversifying its portfolio through this venture, leveraging its permanent capital base to support long-term, policyholder-centric growth. The launch of 1823 Partners marks a significant step in JAB’s strategy to establish a global insurance ecosystem under Bhalla’s leadership.
Sources: Insurance Business America, Alternatives Watch, Business Wire, Reinsurance News, Financial Times
Disclaimer: This article is based on information from recent reports. Details may evolve as the firm’s operations and JAB’s acquisition of Prosperity Life progress.