Aquarian Holdings Acquires Pavonia Life Insurance Company of New York

Pavion Acquires Communication Company to Expand Midwest Operations

September 8, 2026

IT Services

Pavion, a systems integrator focused on fire, life safety, security, and critical communications, acquired Communication Company, a Midwest technology solutions provider. The deal expands Pavion’s regional delivery capacity and adds healthcare-sector experience to its integrated technology portfolio.

Aquarian Holdings Acquires Majority Stake in PACE Equity

October 30, 2024

Financial Services

Aquarian Holdings has acquired a majority stake in PACE Equity and committed up to $1 billion of financing to scale the firm's commercial PACE (C-PACE) lending platform. The investment will expand PACE Equity's capacity to fund commercial green building projects and broaden its market reach across the U.S.

Pan-American Life Acquires Encova Life Insurance Company

January 3, 2024

Insurance

Pan-American Life Insurance Company (PALIC) has completed the acquisition and merger of Encova Life Insurance Company. The transaction adds roughly $60 million in revenue, over $500 million in total assets, $35 million in insurance premiums and about 79,000 covered lives to PALIC’s U.S. life insurance business, strengthening its U.S. scale and Mutual Trust Life Solutions division.

Aquarian Holdings Acquires Controlling Interest in Somerset Reinsurance Ltd.

January 10, 2023

Insurance

Aquarian Holdings has closed the acquisition of a controlling interest in Bermuda-domiciled Somerset Reinsurance Ltd., a reinsurer focused on the U.S. life insurance and annuity market. Aquarian will provide substantial immediate and committed capital and, through Aquarian Investments, serve as asset manager to support Somerset Re's growth while existing investors Hannover Re and Weiss Family Interests retain ownership stakes and remain involved.

Axar Capital Management Acquires Pavonia Life Insurance Company of Michigan

September 15, 2022

Insurance

Axar Capital Management LP has completed its acquisition of Pavonia Life Insurance Company of Michigan. Axar has partnered with insurance executive Mark Zesbaugh, who will serve as Executive Chairman as the firm looks to stabilize the company for policyholders and pursue longer-term growth opportunities across the U.S. and Canada.

Everspan Insurance Company Acquires Providence Washington Insurance Company

October 4, 2021

Insurance

Everspan Insurance Company, a subsidiary of Ambac Financial Group, completed the acquisition of Providence Washington Insurance Company from a subsidiary of Enstar Group Limited effective October 1, 2021. The purchase augments Everspan Group's admitted carrier capabilities to launch new admitted programs, expand product offerings, and strengthen relationships with distribution and program partners.