Mutual insurer Shenandoah
Life, placed into receivership by the US state of Virginia’s State
Corporation Commission in February 2009, has received a new lease
of life.
In a statement, Virginia
Commissioner of Insurance Jacqueline Cunningham announced an offer
from United Prosperity Life Insurance Company to buy Shenandoah had
been accepted.
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Cunningham noted that, as
part of the acquisition which will be completed when Shenandoah
demutualises, United Prosperity will invest a minimum of $60m in
Shenandoah.
Founded in 1914, Shenandoah’s
financial difficulties were sparked by a $50m loss on investments
in home mortgage lenders Fannie Mae and Freddie Mac.
At the time of its collapse,
Shenandoah, which wrote life, annuity and dental policies in 31
states, had some 280,000 life policies in force.
Arizona-domiciled United
Prosperity Life is a wholly-owned unit of Prosperity Life Insurance
Group, a low-profile company backed by insurance-focused private
equity firm, Black Diamond Capital Partners.
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