What You Need to Know
- Aquarian is the parent of Investors Heritage Life.
- Bain Capital says most big insurance deals involve parts of companies.
- Bain says the percentage of deals involving private equity is smaller than thought.
The New York-based investment company that acquired Investors Heritage Life Insurance Company in 2017 is hoping to buy a life insurer based in New York state.
Aquarian Holdings, has agreed to acquire Pavonia Life Insurance Company of New York from a wholly owned U.S. subsidiary of Enstar Group Limited.
Enstar Group is a Hamilton, Bermuda-based company that acquires insurers and reinsurers that are servicing in-force coverage but no longer selling new coverage.
Pavonia Life of New York was founded in 1971 as America Republic Insurance Company of New York. The company has had many names and many owners over the years.
When Enstar acquired the company, in 2013, Pavonia Life of New York was known as First Central National Life Insurance Company of New York, and it was part of an insurance subsidiary of HSBC Holdings PLC, a London-based banking giant.
Pavonia Life of New York has its official state of domicile in New York and is licensed to write coverage in New York state and in Delaware, according to Aquarian.
Terms of the purchase were not disclosed.
Aquarian says it must get approval from the New York State Department of Financial Services before completing transaction.
Aquarian already owns Investors Heritage, which is based in Frankfort, Kentucky, and has made a mark for itself by expanding in the life and annuity markets at a time when many other insurers have been contracting.
Two months ago, Investors Heritage was licensed to sell coverage in 46 states, according to the announcement the company put out when it launched its new Canopy Preneed funeral, burial and cremation product line.
In other life, health and annuity market news:
Integrity Marketing Group and SeniorCare Benefits
Integrity Marketing Group LLC of Dallas, has acquired SeniorCare Benefits of Sunrise, Florida, for a price that was not disclosed.
Integrity Marketing is a private equity-owned insurance marketing organization that has been growing rapidly through acquisitions.
SeniorCare Benefits sells Medicare plans through 250 agents in contact centers.