Oaktree to Buy A-Cap’s South Carolina Insurer After 777 Fallout

Oaktree Capital Management plans to take over a life insurance firm owned by Advantage Capital Holdings, the group that came under pressure after lending to collapsed investment firm 777 Partners.

Funds managed by Oaktree will buy a controlling stake in South Carolina-based Atlantic Coast Life Insurance Co., according to a statement Friday. The funds will also provide capital support to Sentinel Security Life Insurance Co., another A-Cap insurer, to support its growth.

“Our planned acquisition of Atlantic Coast Life is the latest in a series of insurance investments where we partner with companies during a period ...