Upon closing of the transaction, Prosperity, through its operating subsidiaries Shenandoah Life Insurance Company and SBLI USA, will have a collective $18bn of life insurance in-force, $2.7bn of assets, and more than 350,000 policies.
Prosperity CEO Anurag Chandra said: "We will leverage our financial strength and operational expertise to help SBLI USA resume issuing policies and return to prominence in the New York insurance market."
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SBLI USA CEO and director Mike Akker said: "In Prosperity, we have found an experienced and financially strong partner to ensure our long term success.
"Working with New York communities and banks, we plan to introduce SBLI USA to a new generation of customers."
SBLI USA, which will trade as a wholly owned subsidiary of privately held Prosperity, will continue to be based in New York City.
The sponsored demutualization of SBLI USA and acquisition by Prosperity was permitted by the New York State Department of Financial Services as well as by SBLI USA policyholders.
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