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Paul Singer’s Elliott Management Corp. and Wand Partners Inc. are among investors buying Prosperity Life Insurance Group as investment firms push into the U.S. insurance market.

Elliott and Wand agreed to purchase the privately-held company from Reservoir Capital Group and Black Diamond Capital Partners, according to a statement Wednesday. The deal for the insurer, which offers life policies as well as annuities, still needs regulatory approval and is expected to be completed in the third quarter.

Black Diamond and other investors helped Prosperity, which was formerly known as United Prosperity Life Insurance Company, acquire Shenandoah Life Insurance Company of Virginia in 2012.

(Related: Shenandoah Life Successfully Exits Receivership)

Elliott’s strategy echoes moves by Apollo Global Management LLC and Blackstone Group LP, both of which helped to build insurance companies. Apollo has ties to Athene Holding Ltd., an annuity seller, and oversees some investments for that company. Funds affiliated with Blackstone were part of a group that agreed to buy Fidelity & Guaranty Life last year.

More life insurers have been looking to reshape their businesses, leading an analyst at Wells Fargo & Co. to refer to increasing consolidation as the “great restructuring” of the industry.

The insurance companies give the private-equity firms and hedge-fund buyers more assets and create new vehicles they can use for acquisitions. Athene agreed last year to buy a Dublin-based operation from Aegon NV. In December, Apollo and Athene were among investors that planned to help Voya Financial Inc. offload $54 billion in annuity obligations.

Elliott is already familiar with the insurance industry. The company agreed in 2016 to acquire a stake in Aeolus Capital Management Ltd., which provides reinsurance coverage.

—With assistance from Scott Deveau.

— Read United Prosperity Agrees to Acquire Shenandoah Life on ThinkAdvisor.

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