Life Insurance Quotes

Shenandoah Life Insurance Company deal approved

10/24/11

Roanoke,Virginia,-based Shenandoah Life Insurance Company was recently acquired by United Prosperity Life after the State Corporation Commission approved the deal.

Shenandoah will become a subsidiary, completely owned by United Prosperity Life. The company will remain in Roanoke, but as part of the deal, United Prosperity Life will invest a minimum of $60 million into Shenandoah.

If the deal is approved by two-thirds of Shenandoah policy holders, the transaction will close by the first quarter of 2012.

Shenandoah will not offer any new insurance policies until after the deal with United Prosperity Life is complete.

According to a press release about the deal, all suspensions of policy loans, cash or surrender values, surrenders, fund transfers, lapses, cash outs and similar payments will remain in place and may be extended by United Prosperity into the first quarter of 2013.

According to its website, Shenandoah Life Insurance boasts a high rating from its customer base, posting more than an 80 percent approval rating from its customers. 

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