Investor Group Completes Deal for Shenandoah Life's Parent

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.

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