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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 14, 2018 09:27 AM (EDT)
A.M. Best has commented that the Credit Ratings (ratings) of Shenandoah Life Insurance Company (Roanoke, VA), SBLI USA Life Insurance Company, Inc. (New York, NY) and S.USA Life Insurance Company, Inc. (Phoenix, AZ) (collectively referred to as Prosperity Life Group) remain unchanged following the recently announced sale of the companies.
Prosperity Life Group’s current majority shareholders, including funds managed by Reservoir Capital Group, LLC and Black Diamond Capital Partners have entered into a definitive agreement to sell 100% of their ownership interests in Prosperity Life Group to an investment partnership funded by affiliated entities of Elliott Management Corporation; operating principals of Wand Partners, Inc., an insurance-focused private investment firm; and Prosperity Life Group management. Under its new ownership, the life insurance subsidiaries are expected to continue the current strategy of targeting middle market consumers with a broad portfolio of products that include whole life, individual term, universal life and final expense insurance, as well as individual annuity and various individual supplemental insurance products. A.M. Best expects risk-adjusted capitalization to be maintained at current levels, with earnings from the in-force book funding organic growth. In addition, the new owners also provide access to additional capital to enable organic and inorganic growth. The transaction is pending regulatory approval and is expected to close in the third quarter of 2018.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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