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The Delaware Department of Insurance is conducting a formal review of Aquarian Capital LLC and its affiliates’ proposed acquisition of Brighthouse Life Insurance Company, as regulators assess whether the transaction satisfies state insurance requirements. The department disclosed details of the process on August 17, 2026, citing the high level of public interest surrounding the deal.
The proposed takeover is being examined through a Form A application, the regulatory mechanism used to seek approval for a change in control of an insurer. Delaware officials said the review follows Chapter 50 of the Delaware Insurance Code and related regulations, with regulators examining submitted materials and seeking further information when required.
To assist with the assessment, the department has brought in external specialists whose expertise can be matched to the transaction. Depending on the requirements of the case, that group may include actuaries, valuation professionals, financial advisers, auditors, accountants, attorneys and investigators. Delaware is also coordinating with other regulators in the United States and abroad where their involvement is necessary.
If officials determine that the application is complete and legally compliant, the next stage would be a public hearing. The proceeding would allow for public comment and could be attended virtually. Afterward, a hearing officer would submit factual findings, legal recommendations and a proposed order to the insurance commissioner. The acquisition could move forward only after a final order is issued.
Commissioner Trinidad Navarro said no conclusion should be drawn about the timing or current stage of the review. Because the commissioner must remain neutral until the hearing officer makes recommendations, Deputy Insurance Commissioner Tanisha Merced, Esquire, has been assigned to oversee the transaction.
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Source: Delaware Department of Insurance
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