资本管理公司收购优势资本控股旗下一家人寿保险公司的协议已告吹，监管机构对该公司可能面临的已不存在的投资公司777 Partners的风险敞口发出警告后，双方只能讨论其他方案。
Capital Management’s agreement to take over a life insurer owned by Advantage Capital Holdings has collapsed, leaving the companies to discuss alternatives after regulators raised alarms over the business’s potential exposure to defunct investment firm 777 Partners.
知情人士透露，专注于处理困境公司的橡树资本已不再推进其3月份宣布的交易——即收购南卡罗来纳州总部的大西洋海岸人寿保险公司（Atlantic Coast Life Insurance Co.）的控股股权。这些知情人士因涉及私下谈判而要求匿名。但双方仍在讨论另一方案的可能性。
Oaktree, which specializes in troubled companies, is no longer pursuing the deal it announced in March to buy a controlling stake in South Carolina-based Atlantic Coast Life Insurance Co., according to people with knowledge of the situation, who asked not to be named discussing the private negotiations. But the parties are still talking about the potential for an alternative deal.
“我们正与橡树资本建设性地合作，制定一项交易结构，以获得南卡罗来纳州保险部门的批准，”A-Cap的一位发言人在一份电子邮件声明中表示，但未作进一步阐述。
“We are continuing to work constructively with Oaktree on a transaction structure that will meet the approval of the South Carolina Department of Insurance,” a spokesperson for A-Cap said in an emailed statement, without elaborating.
橡树资本的母公司布鲁克菲尔德资产管理公司的一位代表拒绝置评。监管大西洋海岸的南卡罗来纳州保险部门也拒绝置评。
A representative for Brookfield Asset Management, which owns Oaktree, declined to comment. The South Carolina Department of Insurance, which oversees Atlantic Coast, also declined to comment.
大西洋海岸及其子公司南大西洋再保险（Southern Atlantic Re）一直因向777公司提供贷款而面临监管审查。债权人称，777公司以不存在或已被他处质押的资产为担保进行借款。去年，联邦检察官指控777公司联合创始人乔希·旺德（Josh Wander）欺骗贷款人和投资者，涉及金额近5亿美元。他本周认罪，罪名为电信欺诈和证券欺诈，将于3月接受宣判。
Atlantic Coast and its Southern Atlantic Re subsidiary have been facing regulatory scrutiny over lending to 777, a firm creditors claim borrowed against assets that either didn’t exist or were already pledged elsewhere. Last year, federal prosecutors accused 777 co-founder Josh Wander of cheating lenders and investors out of almost $500 million. He pleaded guilty this week to wire fraud and securities fraud and faces sentencing in March.
A-Cap的保险业务的问题早在2024年就已浮现，当时南卡罗来纳州保险监管机构试图禁止大西洋海岸销售年金产品，但该举措在2025年被法院叫停。犹他州的监管机构曾与A-Cap的其他保险业务进入调解程序。
Concerns about A-Cap’s insurers emerged in 2024 when the South Carolina insurance regulator sought to ban Atlantic Coast from selling annuities, before a judge struck down the move in 2025. Regulators in Utah went into mediation with other A-Cap insurance operations.
随后，几周前，南卡罗来纳州保险部门主管迈克尔·怀斯（Michael Wise）提出关于其777风险敞口的新质疑后，双方爆发了新的法律纠纷。
Then, several weeks ago, a fresh legal feud erupted between South Carolina Department of Insurance Director Michael Wise and the insurers when he raised new questions about their 777 exposures.
在一份请愿书中，他呼吁对这些公司进行重组 — — 一种旨在恢复保险公司财务状况的紧急干预措施 — — 称他们处于“财务危险”的境地。他指控他们夸大了某些资产的价值，并且未能充分披露一些与关联方的投资。
In a petition, he called for the firms’ rehabilitation — an emergency intervention seeking to restore insurance companies’ finances — saying they were in a “financially hazardous” position. He alleged that they overstated the value of certain assets and failed to fully disclose some investments with affiliates.
这些公司表示他们继续履行对保单持有人的合同义务，随后以怀斯的官方和个人身份为由提出了自己的申诉。后来他们撤回了诉讼。
The companies, which have said they continue to honor their policyholders’ contracts, struck back with their own complaint against Wise in his official and personal capacities. They later dismissed their lawsuit.
上个月，大西洋海岸人寿和哨兵安全人寿保险公司被AM Best下调了评级。当时，该评级机构指出，“A-Cap集团资产负债表强度以及2026年上半年运营表现的日益疲软”。A-Cap不同意这一举措，称这未能反映其加强资本和重组的举措。
Last month, Atlantic Coast Life and Sentinel Security Life Insurance Co. were downgraded by AM Best. At the time, the ratings firm cited “increasing weakness in A-Cap Group’s balance sheet strength as well as its operating performance during the first half of 2026.”A-Cap disagreed with that move, saying it didn’t reflect initiatives to strengthen capital and restructure.