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Elliott and Wand Partners to buy Prosperity Life Insurance

An investor group including hedge fund manager Elliott Management and insurance-focused private investment company Wand Partners have agreed to acquire Prosperity Life Insurance Group from its current majority shareholders, including funds managed by Reservoir Capital Group and Black Diamond Capital Partners.

The investor group, which also includes Prosperity existing CEO Anurag Chandra, intends to focus on US insurance market through the purchase of Prosperity Life.

Subject to regulatory approvals, the transaction is expected to be completed in the third quarter of this year.

Via its member companies, Shenandoah Life Insurance Company and SBLI USA Life Insurance Company, and S.USA Life Insurance Company, Prosperity provides protection, supplemental and asset accumulation products.

The products are distributed through banks, independent marketing organizations, managing general agencies, career and worksite channels.

After completion of transaction, Prosperity will continue to maintain its existing management, strategy, distribution and staff.

Chandra said: “This transaction is a testament to the exceptional strategic and financial transformation that the Company has achieved under the leadership of Prosperity’s Board of Directors and management team.

“As the Company seeks to build on its strong momentum and further accelerate the implementation of its organic and inorganic growth strategy, this ownership transition to another experienced investor group with a long-term investment horizon and significant financial resources will serve as a key source of competitive advantage.”

Reservoir Capital Group and Black Diamond Capital Partners have owned Prosperity since 2009.

Elliott partner and Co-CEO Jonathan Pollock said: “Elliott and Wand have partnered on insurance investments since 2009 and have a successful track record of supporting incumbent management teams with access to significant capital resources to strengthen the financial profile of the businesses and accelerate their growth. We look forward to building on Prosperity’s sound platform for stability and growth.”

Elliott Management along with Wand Partners had acquired Aeolus Capital Management back in November 2016. Prior to this, the two companies worked together in acquiring Paraline Group and third party managing agent at Lloyd’s Asta Capital.


Image: Elliot Management and Wand Partners acquire Prosperity Life insurance for an undisclosed amount. Photo: Courtesy of adamr/FreeDigitalPhotos.net.