Axar Capital Management acquires Pavonia Life Insurance Company

Axar Capital Management said that it has acquired Pavonia Life Insurance Company of Michigan for an undisclosed price.

Established in 1980, Pavonia Life Insurance Company has license for underwriting business in 49 states and the District of Columbia in the US as well as Canada.

Mark Zesbaugh — Pavonia Life Insurance Company Executive Chairman said: “I am excited by the opportunity to lead Pavonia. Our goal is to ensure the stability of the organization for the benefit of the policyholders and then seek to create longer-term value.

“With underwriting licenses in 49 states, the District of Columbia and Canada, Pavonia has unique capabilities allowing us to explore sustainable and innovative growth opportunities over the medium term.”

As part of the deal, Axar Capital Management has entered into a partnership with Mark Zesbaugh, who is said to have three decades of experience in the insurance industry.

Andrew Axelrod — Axar Capital Management Founder and Managing Partner said: “We are excited to have completed the acquisition of Pavonia.

“We are also exceptionally pleased to have Mark Zesbaugh partner with Axar and lead the company as Executive Chairman. Mark is one of the most experienced and dynamic professionals in the industry and we look forward to working with him as he thoughtfully leads the company forward.”