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Singer's Elliott Makes Life Insurance Wager With Prosperity Deal

  • Hedge Fund joins Wand Partners and other investors in purchase
  • Private-equity firms have also been pursuing insurance M&A
Paul Singer.
Paul Singer.Photographer: Misha Friedman/Bloomberg

Paul Singer’s Elliott Management Corp. and Wand Partners Inc. are among investors buying Prosperity Life Insurance Group as investment firms push into the U.S. insurance market.

Elliott and Wand agreed to purchase the privately-held company from Reservoir Capital Group and Black Diamond Capital Partners, according to a statement Wednesday. The deal for the insurer, which offers life policies as well as annuities, still needs regulatory approval and is expected to be completed in the third quarter.