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.