Axar Capital Management Announces Acquisition of Pavonia Life Insurance Company of Michigan
Summary
NEW YORK--(BUSINESS WIRE)--Axar Capital Management LP (“Axar”) today announced the completion of its acquisition of Pavonia Life Insurance Company of Michigan (“Pavonia”), a Michigan domiciled life insurance company. “ We are excited to have completed the acquisition of Pavonia,” said Andrew Axelrod, Founder and Managing Partner at Axar Capital. “ We are also exceptionally pleased to have Mark Zesbaugh partner with Axar and lead the company as Executive Chairman. 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.” Mark has spent nearly 30 years working in the insurance industry and advising entrepreneurial businesses. Founded in 1980, Pavonia is a Michigan domiciled life insurance company licensed to underwrite business in 49 states, the District of Columbia and Canada.