Investor Group Led by Elliott Management Completes the Acquisition of Prosperity Life Insurance Group

NEW YORK, Jan. 4, 2019 /PRNewswire/ -- Investment partnership funded by affiliated entities of Elliott Management Corporation (collectively, "Elliott"); operating principals of Wand Partners, Inc. ("Wand"), an insurance-focused private investment firm; and Anurag Chandra, current CEO of Prosperity today announced that they have completed the previously announced acquisition of Prosperity Life Insurance Group, LLC ("Prosperity" or the "Company").

Prosperity, through its member companies, Shenandoah Life Insurance Company ("Shenandoah"), SBLI USA Life Insurance Company, Inc. ("SBLI USA") and S.USA Life Insurance Company, Inc. ("S.USA"), is a leading provider of protection, supplemental and asset accumulation products distributed through banks, independent marketing organizations and worksite & affinity channels. Prosperity's insurance operating subsidiaries have an A- (Excellent) financial strength rating by A.M. Best.

About Elliott Management Corporation

Elliott Management Corporation manages two multi-strategy funds which combined have approximately $35 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

About Wand Partners

Since its inception in 1985, Wand Partners has been focused primarily on specialty financial services, particularly insurance. Over the years, Wand has successfully sponsored and invested in thirteen platform businesses in the insurance industry.

Media enquiries:

Stephen Spruiell
Elliott Management Corporation
212.478.2017
[email protected]

SOURCE Prosperity Life Insurance Group