Bill Ackman has taken a decisive step in his effort to remake Howard Hughes Holdings from a Texas real estate developer into what he has described as a “modern-day Berkshire Hathaway”, agreeing to buy the Bermuda-based property and casualty insurer Vantage Risk in a $2.1bn deal.

Bill Ackman, the CEO of Pershing Square Capital Management, has historically invested in a very different manner than Warren Buffett, the legendary investor dubbed the "Oracle of Omaha."

Bill Ackman, who outlined plans to create a modern Berkshire Hathaway earlier this year, has 39% of his portfolio split between Alphabet and Uber.

Investment firm Howard Hughes Holdings’ (HHH) $2.1bn acquisition of Vantage Group Holdings is intended to follow “a similar approach” to Warren Buffett’s early Berkshire Hathaway strategy, executive chairman Bill Ackman said, with “underwriting profitability as paramount”, lower leverage and a longer-term investment horizon.

Howard Hughes acquires Vantage to boost returns and cash flow. Vantage will continue to improve underwriting profitability. See more on HHH stock here.

The billionaire investor said Tuesday that his firm has submitted a proposal to acquire 10 million newly issued Howard Hughes shares at $90 per share. Back in January, Ackman proposed forming a new subsidiary of Pershing to merge with Howard Hughes ...