Shenandoah Life Insurance Co. has taken the unusual step of being able to come out of receivership and resume operations after becoming a subsidiary of Prosperity Life Insurance Group LLC.

Prosperity put $60 million into the company. The president of Prosperity, Jose Montemayor, the former three-term commissioner of the Texas Department of Insurance and president of Prosperity Life, will serve on the Shenandoah board of directors.

Shenandoah will remain headquartered in Roanoke, Va. It paid policy claims while in receivership, which was declared in 2009.

Hans Carstensen, former president and CEO of Aviva Life Insurance Co., has been named the new president and CEO of Shenandoah. While at Aviva, Cartensen oversaw the acquisition of AmerUs Group insurance companies.

"Very few insurance companies have emerged from receivership to resume business. Shenandoah's ability to do so is a tribute to the company's solid operations and talented employees," says Montemayor.

Shenandoah specializes in life insurance, specialty health insurance and annuities to middle-market consumers. It has more than 175,000 insurance policies in force and more than $1.4 billon in assets.

--Karen DeMasters