New York, NY - May 11, 2016 – We are pleased to announce that A.M. Best has initiated its coverage of Prosperity Life Insurance Group, LLC (“Prosperity” or “Company”) by assigning a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to members of the Prosperity Life Insurance Group SBLI USA Life Insurance Company, Shenandoah Life Insurance Company and S.USA Life Insurance Company. The outlook assigned to the ratings is “stable”. The A-/a- ratings are given to companies that have an excellent ability to meet their ongoing insurance and senior financial obligations.
“The A- rating demonstrates Prosperity’s excellent risk-adjusted capitalization, well diversified business profile, and strong operating performance,” said Anurag Chandra, Chief Executive Officer and Director of Prosperity. “The Company’s significant growth since inception can now be accelerated using our partnerships with banks, IMOs, general agencies, and worksite distributors to market a broad portfolio of protection, asset accumulation and supplemental products to middle market consumers.”
“This is a very important milestone for Prosperity that validates our strategy and proven ability of acquiring small- and mid-size insurers,” said Matt Popoli, the Chairman of the Board of Directors of Prosperity. “Prosperity’s excellent financial strength, efficient operating platform and broad product portfolio can provide these insurers with additional capital, infrastructure and growth opportunities, while maintaining their independent brand identity.”
About Prosperity Life Insurance Group, LLC
Prosperity Life Insurance Group is a growing insurance organization which provides financial security to individuals and their families through protection, asset accumulation and supplemental insurance products. Its principal operating subsidiaries are Shenandoah Life Insurance Company (domiciled in Virginia), SBLI USA Life Insurance Company (domiciled in New York) and S.USA Life Insurance Company (domiciled in Arizona). Prosperity has an aggregate of $16 billion of life insurance in-force, $225 million in capital and surplus1, $2.6 billion of assets and almost 350,000 policies.
1 Includes AVR
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