Investor Group Completes Deal for Shenandoah Life's Parent

By Allison Bell

January 10, 2019 at 06:51 PM

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An investor group that includes affiliates of Paul Singer's Elliott Management Corp. has completed its previously announced acquisition of Prosperity Life Insurance Group LLC.

Prosperity Life controls Shenandoah Life Insurance Company, SBLI USA Life Insurance Company Inc. and S.USA Life Insurance Company Inc.

In addition to the Elliott Management affiliates, the group that acquired Prosperity Life includes the managers of Wand Partners Inc. and Anurag Chandra, Prosperity Life's CEO.

(Related: Singer's Elliott Makes Life Insurance Wager With Prosperity Deal)

Wand Partners says on its website that it has acquired 12 insurance-related businesses over the years.

Wand Partners prefers deals with about $50 million to $500 million in enterprise value, according to the website.

Bruce Schnitzer, the managing director at Wand Partners, was the president of Marsh & McLennan Inc. from 1983 through 1985.

Jose Montemayor, a former Texas insurance commissioner, was part of a Prosperity Life team backed by Black Diamond Management Group L.P. that agreed to acquire Shenandoah Life from Virginia regulators in 2011, about two years after the company entered receivership.

Prosperity Life went on to acquire SBLI USA Life, a New York-based carrier, through a sponsored demutualization in 2014. When Prosperity Life acquired SBLI USA Life, it also acquired SBLI USA's Arizona-based S.USA Life subsidiary.

Resources

The New York State Department of Financial Services has posted a Prosperity Life examination report here.

— Read Shenandoah Life Successfully Exits Receivership, on ThinkAdvisor.

— Connect with ThinkAdvisor Life/Health on LinkedIn and Twitter.

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