Prosperity Drops Effort to Acquire Annuity Issuer
February 22, 2023 by Allison Bell
An insurer backed by Elliott Investment Management has dropped efforts to acquire a well-known annuity issuer.
The company, Prosperity Group Holdings, says it has withdrawn a $45-per-share offer for American Equity Investment Life Holding Company because of American Equity’s lack of interest.
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Wink’s Note: Anant Bhalla and American Equity win!
Prosperity Group has backed-off on their efforts to acquire the independent issuer of fixed and indexed annuities.
You will note that Prosperity Group is the company that owns SBLI USA and S. USA Life Insurance Companies. They also acquired Shenandoah Life, subsequent to that insurer going into receivership.
After two unsuccessful attempts to acquire American Equity, Prosperity has retreated. They remarked, “given American Equity’s refusal to engage and our desire to proceed only on a constructive basis, Prosperity has no interest in continuing to pursue our proposed transaction at this time.”
That said, I do not think that companies are done romancing and slow-dancing American Equity and Eagle Life Insurance Company. I am certain that somebody else will “come a courtin'” before long. -sjm
