An investor group that includes affiliates of Paul Singer’s Elliott Management Corp. has completed its previously announced acquisition of Prosperity Life Insurance Group LLC.
Prosperity Life controls Shenandoah Life Insurance Company, SBLI USA Life Insurance Company Inc. and S.USA Life Insurance Company Inc.
In addition to the Elliott Management affiliates, the group that acquired Prosperity Life includes the managers of Wand Partners Inc. and Anurag Chandra, Prosperity Life’s CEO.
Wand Partners says on its website that it has acquired 12 insurance-related businesses over the years.
Wand Partners prefers deals with about $50 million to $500 million in enterprise value, according to the website.