Prosperity Life Insurance Group LLC announced on January 30, 2013 that it agreed to acquire SBLI USA Mutual Life Insurance Company, Inc. through a sponsored demutualization. Prosperity and the board of SBLI USA approved the definitive agreement. The transaction is expected to close in the third quarter, subject to customary closing conditions. Following closing, Prosperity will own 100 percent of SBLI USA, which will continue to be based in New York. Prosperity anticipates that the combined assets within its insurance units will be more than $3 billion after the deal.
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