Skip to content

Clark Hill Attorneys Guide Sale of Life Insurance Company

October 10, 2022

Ron King, Zach Larsen, Joe Colaianne, and Chris White successfully shepherded the $75 million sale of Pavonia Life Insurance Company of Michigan through an insurance rehabilitation proceeding.

The sale to Axar Capital Management concludes a three-year process during which Clark Hill appealed a trial court’s ruling to force the sale of Pavonia to another bidder. After the successful appeal, the group negotiated and received the court’s approval for a voluntary sale that quintupled GBIG Holdings’ net value on the deal.

According to a press release published by Business Wire, the sale protects Pavonia’s 350,000 policyholders and secures more than $900 million in policyholder insurance benefits.

“As the sale involved regulatory litigation and a corporate merger transaction, we were able to provide all of the services required throughout the past three years,” Larsen said. “Our client (the seller of Pavonia) is thrilled with the outcome as Pavonia completes its rehabilitation.”

Subscribe for the latest

Subscribe

Related

Legal Updates

FERC Challenges RTOs and Large Loads to Improve Speed and Flexibility of Grid Interconnection

FERC’s issuance on June 18, 2026 of tailored show cause orders to all six regional grid operators means changes are likely coming to transmission interconnection rules for large load users. In order to comment, interested parties should file for intervention within 21 days of FERC’s recent issuance to secure the right to comment on RTO proposals when they are filed later.

Explore more
Legal Updates

Supreme Court Rules Federal Gun Ban For Marijuana Users Unconstitutional

In a unanimous 9-0 decision, the U.S. Supreme Court held that the federal government violated the Second Amendment by prosecuting a marijuana user solely for possessing a firearm.

Explore more
Legal Updates

CMS Finalizes the Affordable Care Act’s (“ACA”) Marketplace Rule: The Financial Consequences for Healthcare Providers and Their Organizations

Healthcare providers and organizations may see significant changes in reimbursement, collections, payer mix, and financial performance as the Centers for Medicare & Medicaid Services (“CMS”) moves forward with implementation of its 2027 Notice of Benefit and Payment Parameters Final Rule governing the Health Insurance Marketplace. The final rule, combined with the expiration of enhanced ACA subsidies, is expected to reduce enrollment in comprehensive health insurance coverage and affect reimbursement, collections, and financial performance.

Explore more