Clark Hill Attorneys Guide Sale of Life Insurance Company
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Ronald A. King , Zachary C. Larsen , Joseph W. Colaianne , J. Chris White
Ron King, Zach Larsen, Joe Colaianne, and Chris White successfully shepherded the $75 million sale of Pavonia Life Insurance Company of Michigan through an insurance rehabilitation proceeding.
The sale to Axar Capital Management concludes a three-year process during which Clark Hill appealed a trial court’s ruling to force the sale of Pavonia to another bidder. After the successful appeal, the group negotiated and received the court’s approval for a voluntary sale that quintupled GBIG Holdings’ net value on the deal.
According to a press release published by Business Wire, the sale protects Pavonia’s 350,000 policyholders and secures more than $900 million in policyholder insurance benefits.
“As the sale involved regulatory litigation and a corporate merger transaction, we were able to provide all of the services required throughout the past three years,” Larsen said. “Our client (the seller of Pavonia) is thrilled with the outcome as Pavonia completes its rehabilitation.”