JAB Insurance has announced that it has completed the acquisition of Prosperity Life Group from Elliott Investment Management.
Prosperity, which manages nearly $30 billion in assets and about one million policyholders, will become a core part of JAB Insurance's operations.
Prosperity provides protection and retirement solutions, serving roughly one million policies. The company holds an A- (Stable) financial strength from A.M Best, S&P Global and KBRA. JAB said it plans to build on Prosperity's life insurance business with a long-term focus on policyholders.
"[W]e have a unique opportunity to create a global insurance ecosystem, building on the tremendous platform and talent that Prosperity brings to the table, coupled with our permanent capital base and long-term investment horizon," said JAB Insurance executive chairman Anant Bhalla (pictured).
Meanwhile, Mark Cicirelli, global head of insurance for Elliott Investment Management, said Prosperity has emerged as a leading life and annuity player after it has grown from $3 billion to nearly $30 billion in assets.
"We wish Prosperity future success under the ownership of JAB Insurance, with its substantial resources and deep commitment to serving policyholders," Cicirelli added.
JAB Insurance is based in Miami and has a presence in New York. Prosperity will remain headquartered in New York, with additional operations in Austin, Texas; Roanoke, Virginia; and Bermuda.
Other transactions
In other news, 1823 Partners (US) LLC, an asset management firm focused on insurance-first investment strategies, has formally launched operations.
The firm was co-founded by Bhalla, Joachim Creus and Frank Engelen. Bhalla, a former insurance executive, is serving as CEO. The firm is registered as an investment adviser and will target independent insurance companies and institutional investors.
The portfolio insurance entities of JAB Insurance will serve as its initial clients.
