NEW YORK--(BUSINESS WIRE)--Last sentence of the release should read: RBC Capital Markets acted as financial advisor...(instead of RBC Global Markets acted as financial advisor...).
The updated release reads:
AQUARIAN HOLDINGS ANNOUNCES AGREEMENT TO ACQUIRE PAVONIA LIFE INSURANCE COMPANY OF NEW YORK
Aquarian Holdings (“Aquarian”) announced today that it has entered into a definitive agreement to acquire Pavonia Life Insurance Company of New York (“PLICNY”) from a wholly owned U.S. subsidiary of Enstar Group Limited. Founded in 1971, PLICNY is a New York-domiciled insurance company licensed to underwrite business in New York and Delaware.
The transaction is subject to customary closing conditions, including regulatory approval by the New York State Department of Financial Services. Terms of the transaction were not disclosed.
“Adding Pavonia Life to our platform furthers our mission to deliver a superior insurance offering that creates long-term value for the policyholders and the companies that support them,” said Rudy Sahay, Managing Partner at Aquarian Holdings. “Aquarian’s expertise in managing insurance liabilities to support sustainable growth and our operating experience with insurers will help us strengthen the business and produce thoughtful, innovative products.”
PLICNY is the second acquisition for Aquarian’s insurance portfolio, having acquired Investors Heritage Life Insurance Company (“Investors Heritage”), a leader in preneed and final expense insurance headquartered in Frankfort, Kentucky, in 2017. Aquarian worked closely with Investors Heritage management to strengthen its core products and expand further into the retirement space with the launch in 2018 of its Heritage Builder multi-year guaranteed annuity. Since then, Investors Heritage ranked as fastest-growing U.S. life and annuity insurer for 2018 and among the top five fastest-growing annuity insurers for 2019, according to S&P Global. Investors Heritage also ranked on Inc. 5000’s fastest-growing private U.S. companies for 2020 with a three-year growth rate of 371%, making it the oldest insurance company in continuous operation to make the list.
RBC Capital Markets acted as financial advisor and Debevoise & Plimpton as legal advisor to Aquarian Holdings on the transaction.
About Aquarian Holdings
Aquarian Holdings is a diversified holding company with interests in businesses including insurance, asset management, real estate, and technology. We draw on our decades of collective experience to provide debt and equity capital solutions that meet the objectives of our partners and portfolio companies. For more information, please visit www.aquarianlp.com.