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Deal snapshot: ASPIDA TO ACQUIRE PAVONIA LIFE INSURANCE CO OF MICHIGAN.

MANews-(C)2009-2019

California, US-based alternative asset manager Ares Management Corp. (NYSE: ARES) has expanded its existing insurance platform, Ares Insurance Solutions, through the launch of Aspida Financial, an indirect subsidiary of Ares, the firm said.

Aspida has entered into an agreement to acquire Pavonia Life Insurance Company of Michigan and its insurance operations, a Michigan-domiciled insurance company with approximately USD 1.1bn of assets and approximately USD 76m of statutory capital and surplus as of March 31, 2019. Aspida will acquire the company for approximately USD 75m in cash. Following closing, the company will operate under the Aspida brand.

Country: USA

Sector: Insurance

Target: Pavonia Life Insurance Company of Michigan

Buyer: Ares Management/Aspida Financial

Vendor:

Deal size in USD: 75m

Type: LBO

Financing: Cash

Status: Agreed

Buyer advisor: , ,

Comment:

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Publication:M & A Navigator
Geographic Code:1U3MI
Date:Jul 12, 2019
Words:131
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