The top executive at Prosperity Life Insurance Group is declaring victory and moving on to another stage of life.
Anurag Chandra, Prosperity’s chief executive officer, announced earlier this week that he will be resigning June 30.
The company’s board says it has picked Nicholas von Moltke, the former president of Global Atlantic Financial Group, to be Prosperity’s president. Von Moltke will take over as Prosperity’s CEO July 1.
News about what Chandra will be doing next was not immediately available.
Private equity firms created Prosperity to serve as a vehicle they could use to salvage troubled life insurers.
Prosperity is now the parent of Shenandoah Life Insurance Company, SBLI USA Life Insurance Company Inc. and S.USA Life Insurance Company Inc. Chandra has been running the company for five years.
The funds managed by Elliott Management Corp., a large investment firm, announced in January that they had completed acquiring control over Prosperity from other investors. The previous ownership group included Reservoir Capital Group LLC and Black Diamond Capital Partners.
Mark Cicirelli, Prosperity’s chairman and an Elliott Management portfolio manager, said in a statement about that Chandra has transformed Prosperity and positioned it for long-term growth.
Von Moltke said he looks forward to establishing “Prosperity as a leading participant in the life and annuity industry.”
Von Moltke was a managing director at the Goldman Sachs Reinsurance Group. He oversaw efforts to expand that business and spin it off under the name Global Atlantic. He was Global Atlantic’s president from 2013 through 2018.
Von Moltke has a bachelor’s degree from Middlebury College and a master’s degree in business from Northwestern. He started out in the insurance industry as an executive in GE Capital’s reinsurance operations.
— Read Global Atlantic Closes on Aviva USA’s Life Business, on ThinkAdvisor.