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Prosperity Life Insurance Group, LLC, and SBLI USA Mutual Life Insurance Company, Inc., have reached a definitive agreement whereby Prosperity has agreed to acquire SBLI USA through a sponsored demutualization. Prosperity expects to have over $3 billion of combined assets within its insurance company subsidiaries following the transaction. 

“SBLI USA has a long history dating back to its founding in 1938,” said Jay Novik, Chairman of Prosperity Life Insurance Group. “This transaction represents an opportunity for Prosperity to enter the New York marketplace, where we are excited to continue to maintain the strong SBLI USA brand. We look forward to continuing to work closely with SBLI USA’s management team and the New York Department of Financial Services to complete this transaction.” 

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