Divestiture • Insurance

Global Bankers Insurance Acquires Pavonia Holdings

On February 17, 2017, Global Bankers Insurance acquired insurance company Pavonia Holdings from Enstar Group for 120M USD

Acquisition Context
  • This is Global Bankers Insurance’s 2nd transaction in the Insurance sector.
  • This is Global Bankers Insurance’s largest (disclosed) transaction.
  • This is Global Bankers Insurance’s 2nd transaction in the United States.
  • This is Global Bankers Insurance’s 2nd transaction in Florida.

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M&A Deal Summary

Date February 17, 2017
Target Pavonia Holdings
Sector Insurance
Buyer(s) Global Bankers Insurance
Sellers(s) Enstar Group
Deal Type Divestiture
Deal Value 120M USD

Target Company

Pavonia Holdings

St. Petersburg, Florida, United States
Pavonia Holdings (US), Inc. manages insurance and reinsurance companies and portfolios of insurance and reinsurance business in run-off. Pavonia owns Pavonia Life Insurance Company of Michigan, Pavonia Life Insurance Company of New York.
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Buyer Overview 1

Buyer

Global Bankers Insurance

Durham, North Carolina, United States

Category Company
Sector Insurance
DESCRIPTION

Global Bankers Insurance Group is an insurance service provider and operations company. Global Bankers Insurance Group is based in Durham, North Carolina.


Deal Context for Buyer #
Overall 2 of 2
Sector: Insurance 2 of 2
Type: Divestiture 2 of 2
State: Florida 2 of 2
Country: United States 2 of 2
Year: 2017 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-15 Bankers Life Insurance Co.

St. Petersburg, Florida, United States

Bankers Life Insurance Co. is a provider of annuity options.

Buy -

Seller Profile 1

SELLER

Enstar Group

Hamilton, Bermuda

Category Company
Founded 1993
Sector Insurance
Employees805
Revenue 864M USD (2021)
DESCRIPTION

Enstar Group is a insurance run-off services company that specializes in acquiring and managing reserves associated with discontinued books of property & casualty insurance and reinsurance business on a global basis. Enstar Group was founded in 2001 and is based in Hamilton, Bermuda.


Deal Context for Seller #
Overall 1 of 4
Sector: Insurance 1 of 4
Type: Divestiture 1 of 4
State: Florida 1 of 1
Country: United States 1 of 3
Year: 2017 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-30 Dana Companies

Perrysburg, Ohio, United States

Dana Companies LLC is a provider of engineered drivetrain, sealing, and thermal-management technologies for vehicles. Dana Companies holds liabilities associated with personal injury asbestos claims and environmental claims arising from its legacy manufacturing operations. Dana Companies' assets include, among others, insurance rights related to coverage against these liabilities and marketable securities.

Buy $92M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-05 KaylaRe

Hamilton, Bermuda

KaylaRe Ltd. is a Class 4 reinsurer that aims to deliver superior risk-adjusted returns over market cycles through diversified asset allocation and selective underwriting.

Buy -