Shenandoah Life Insurance Co has successfully exited receivership, following a $60m capital infusion.

The Virginia State Corporation Commission ordered about the transaction, allowing the firm to resume normal operations, such as continuing to fulfill all of its commitments to policyholders.

Receivership is a kind of corporate bankruptcy in which a receiver is appointed by bankruptcy courts or creditors to run the company.

Shenandoah Life will continue to work as a subsidiary of its new owner, privately held Prosperity Life Insurance Group.

Prosperity Life president Montemayor said that very few insurance companies have emerged from receivership to resume business.

"We sincerely appreciate the patience and loyalty of our policyholders and agents throughout the nation as we worked through the legal and regulatory process. With the receivership behind us, we look forward to continuing a proud heritage of outstanding service," Montemayor said.

The company appointed Hans Carstensen, former president and CEO of Aviva Life Insurance Co, as Shenandoah Life’s new Roanoke-based president and chief executive officer.

"Policyholders can be assured that Shenandoah Life policies remain secure and that we will continue to provide the high-quality customer service they expect," Carstensen said.

"We are working diligently to honor the needs of our customers and agents as we re-invent our company."