Prosperity Life Insurance Group LLC and SBLI USA Life Insurance Company Inc. have announced the completion of a transaction through which Prosperity has acquired SBLI USA through a sponsored de-mutualization.
SBLI USA will operate as a fully owned subsidiary of Prosperity, a privately held organization. This purchase is the second for the life insurer, which acquired Shenandoah life in 2012. After the merger, Prosperity will possess about $2.7 billion in assets and more than 350,000 policies.
“We are excited to complete this acquisition and support the growth and success of SBLI USA, which has a rich history in the New York insurance marketplace,” said Anurag Chandra, Prosperity CEO, in the press release. “For over 75 years SBLI USA has served New York customers by offering affordable life insurance policies. We will leverage our financial strength and operational expertise to help SBLI USA resume issuing policies and return to prominence in the New York insurance market.”
Kelly Sheridan is Associate Editor at Dark Reading. She started her career in business tech journalism at Insurance & Technology and most recently reported for InformationWeek, where she covered Microsoft and business IT. Sheridan earned her BA at Villanova University. View Full Bio