Prosperity Life Insurance Group Announces CEO Succession Plan
NEW YORK, March 26, 2019 /PRNewswire/ -- Prosperity Life Insurance Group ("Prosperity" or the "Company") today announced that following a highly successful five-year tenure leading the turnaround and strategic transformation of the Company, Anurag Chandra will be resigning as Chief Executive Officer, effective June 30th, 2019. Prosperity's Board of Directors has appointed Nicholas von Moltke, former President and COO of Global Atlantic Financial Group, as President of Prosperity. He will assume the role of Chief Executive Officer effective July 1st, 2019.
Mr. Chandra said: "It has been a highlight of my career to lead this successful strategic, financial and digital turnaround and transformation of Prosperity culminating in the recently completed acquisition of the Company by funds managed by Elliott Management Corporation ("Elliott"). The Company is well positioned to continue, under Elliott's direction, to build a business that serves policyholders well and creates value for shareholders. I am delighted to be able to pass the leadership baton to Nicholas von Moltke, a talented and experienced leader and manager with a demonstrated track record of success as a key leader during his time at Global Atlantic Financial Group. I look forward to supporting Nick to ensure a smooth leadership transition".
Mark Cicirelli, Chairman of Prosperity and a Portfolio Manager at Elliott, said, "On behalf of the Board and investor group, I want to thank Anurag for his leadership over the past five years in transforming Prosperity and positioning it for long-term growth and financial strength. We have the utmost confidence in Nick's ability to lead the business and build on Prosperity's strong foundation."
Nick von Moltke added: "I am honored and excited by the opportunity to help lead the next phase of Prosperity's development, with Elliott's strong capital support. I have long admired Elliott's record in building high-quality, successful insurance businesses. I look forward to working with the Prosperity Board of Directors and management team to establish Prosperity as a leading participant in the life and annuity industry."
As a Managing Director of Goldman Sachs Reinsurance Group (the predecessor of Global Atlantic) from 2004-13, Mr. von Moltke was a senior executive that began with one small acquisition and grew the business to $15bn in assets and 150 employees before spinning Global Atlantic out of Goldman Sachs as an independent company. As President and Chief Operating Officer of Global Atlantic from 2013 to 2018, he was a senior member of the team that has successfully grown the business to over $50bn in assets and ~1,000 employees. Prior to joining Goldman Sachs, Mr. von Moltke held a series of senior management positions in insurance and reinsurance.
About Prosperity Life Insurance Group, L.L.C.
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"), provides protection, supplemental and asset accumulation products distributed through banks, independent marketing organizations, managing general agencies, career and worksite 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.
Media Contact
Stephen Spruiell
Elliott Management Corporation
212.478.2017
[email protected]
SOURCE Prosperity Life Insurance Group
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