Prosperity Life Insurance Group has announced that its majority shareholders, including funds managed by Reservoir Capital Group and Black Diamond Capital Partners, have entered into a definitive agreement to sell 100% of their ownership interests in Prosperity to an investment partnership.
The partnership is funded by affiliated entities of Elliot Management Corporation; operating principals of Wand Partners, an insurance-focused private investment firm; and Anurag Chandra, current CEO of Prosperity. The transaction is expected to be completed in the third quarter, according to the firm.
“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,” Chandra said. “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.”
“We are very pleased to have reached agreement to acquire Prosperity, and look forward to backing this entrepreneurial and successful management team,” said Jonathan Pollock, partner and co-CEO of Elliott. “Elliott and Wand have partnered on numerous 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.”