Eli Global Announces the Sale of Pavonia Life Insurance Company of Michigan and Its U.S. Insurance Operations

DURHAM, N.C., July 9, 2019 /PRNewswire/ -- Eli Global announces that an affiliate has entered into a definitive agreement to sell Pavonia Life Insurance Company of Michigan and its U.S. insurance operations.

Headquartered in North Carolina with more than 170 employees, the group has historically offered life insurance, annuities and reinsurance products and services. The Company is currently licensed in 49 states and the platform has operated in multi-channel distribution networks with relationships covering more than 4,700 agents and subgroups. The group has a cutting-edge technology platform that is designed to make annuities and insurance transparent and simple, providing for a seamless experience.

The Company, one of a number of Eli Global insurance affiliates, is being acquired by a subsidiary of Ares Management Corporation for $75 million.

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SOURCE Eli Global