Prosperity Life
Prosperity Life Group is an insurance, reinsurance, and asset management company with over 100 years of life insurance experience and $16.1 billion in assets under management as of June 30, 2022.
Services
Prosperity Life Group provides a range of services in the insurance, reinsurance, and asset management sectors. The company's offerings include life insurance, annuities, and tailored reinsurance solutions. Their asset management arm, Prosperity Asset Management, focuses on acquiring cash flow-generating assets with superior risk-adjusted returns. The life insurance products are designed to meet various needs, including final expense, senior life, universal life, and a variety of term life options.
Products
Prosperity Life Group offers a comprehensive portfolio of products including life insurance, annuities, and reinsurance. Life insurance products include Permanent Life Insurance such as Final Expense Whole Life, Universal Life, and SeniorLife. Term Life Insurance options include Family Freedom Term, PrimeTerm to 100, and Simple Issue Term, providing coverage up to $350,000 without a medical exam. Their annuities are designed to help grow and protect retirement savings. Reinsurance solutions are tailored to meet block and flow needs.
Founders
Prosperity Life Group was founded in 2009 through a partnership with Black Diamond Capital Partners and Reservoir Capital Group, LLC. These partnerships played a crucial role in shaping the initial structure and strategy of the company, guiding it through various growth phases including acquisitions and expansions.
History
Founded in 2009, Prosperity Life Group has grown through several key milestones. In 2012, the company expanded through the demutualization and acquisition of Shenandoah Life Insurance Company. Further growth occurred in 2014 with the acquisition of SBLI USA Life Insurance Company. Elliott Management Corporation gained majority ownership in 2019. In 2020, Prosperity Life Assurance Ltd., a Bermuda reinsurance company, was formed. Most recently, in 2022, the company added Prosperity Asset Management to its portfolio.
Sector
Prosperity Life Group operates within the insurance, reinsurance, and asset management sectors. Their primary focus areas are capital and risk management solutions, which cater to the retirement and life insurance markets. Prosperity Life Group manages $16.1 billion in assets and services over 300,000 policies through its member companies. The firm also prioritizes community engagement, exemplified by their partnership with Cristo Rey New York High School.