An arm of the Eli Global group has completed a $120 million purchase of a Michigan-based life insurance holding company.
An affiliate of Global Bankers Insurance Group, a family of life insurance and reinsurance companies, recently bought Pavonia Holdings (US) Inc., a life insurance company, from Enstar Group Ltd., which has over $12 billion in assets.
Global Bankers is part of the privately held Eli Global group.
Pavonia owns Pavonia Life Insurance Company of Michigan, Pavonia Life Insurance Company of New York, and Enstar Life (US), Inc. Enstar acquired the Pavonia business from HSBC Finance in 2013.
Greenberg Traurig shareholders Fred Karlinsky and Stanley “Stash” Jacobs Jr. led the team of legal advisors that represented the Global Bankers affiliate in the acquisition that closed Dec. 29.
The other attorneys who worked on the transaction were corporate shareholder Flora Perez, government and law policy senior practice attorney Andromeda Monroe and corporate associates Grant Levine and Alexander Zachariah.
Sandler O’Neill + Partners, L.P served as Global Bankers’ financial advisor.
Global Bankers owns several life insurance companies and has been looking to grow and expand its portfolio.
“The simplest way for a company like Global to do this is by the purchase of a company, which effectively is the bulk sale of policies and assets,” Karlinsky said.