Pershing Square Holdings said Howard Hughes Holdings Inc. (NYSE:HHH) is well-positioned to become a modern-day Berkshire Hathaway after closing its acquisition of specialty insurer Vantage Group Holdings Ltd. in June. In its second quarter 2026 investor letter, Pershing Square announced a leadership transition at Vantage, with former Arch Capital Group CEO Marc Grandisson becoming Executive Chairman and David Gansberg set to become CEO when his non-compete ends in June of next year. Pershing Square noted that during Grandisson's nearly seven-year tenure as CEO, Arch delivered a total shareholder return of 298%, or 23.2% per annum, compared to 144% and 14.4% for the S&P Insurance Index over the same period. The firm believes Howard Hughes now has the potential to accelerate growth in intrinsic value and share price, which would drive its market capitalization and the variable service fees Pershing Square earns from the company. Howard Hughes Holdings closed at $65.76 per share on August 18, 2026, with a market capitalization of $3.93 billion.
Howard Hughes Holdings Inc.Pershing Square sees Howard Hughes becoming a modern-day Berkshire after Vantage deal, potentially accelerating growth.
Arch Capital Group Ltd.