JAB to acquire Elliott Investment-backed Prosperity Life Group.

JAB, an investment banking company, agreed to acquire Elliott Investment-backed Prosperity Life Group, an insurance-focused asset manager, according to press releases. Financial terms were not disclosed. “Today marks the signing of the first major transaction as we launch JAB’s strategy to build a global insurance ecosystem. Our permanent capital base, insurance liability-first mindset and multi-generation investment horizon distinguish us in the market and offer a uniquely compelling value proposition for policyholders, distribution partners and reinsurance cedants," Anant Bhalla, JAB Senior Partner and CIO.