Global Bankers Insurance Group has announced its acquisition of Pavonia Holdings for $120 million.
Credit life and disability insurance provider Pavonia and its subsidiaries are being acquired from Enstar Group.
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In a company statement, Global Bankers said the company it is acquiring is licensed to do business in all 50 states and has undertaken transactions in Canada.
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“Signing this transaction is yet another significant milestone in the execution of our strategy. Underscoring our commitment to the life and annuity sector, this deal will mark…our largest insurance company acquisition since 2014,” George Luecke, vice chairman and co-chief executive of Global Bankers said in the statement.
The transaction is expected to close this year, subject to regulatory approvals and other customary conditions.
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