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Axar Capital Management acquires Pavonia Life Insurance Company of Michigan

Axar Capital Management (Axar) has completed its acquisition of Pavonia Life Insurance Company of Michigan (Pavonia), a Michigan domiciled life insurance company. Financial terms of the transaction have not been disclosed. 

As part of the acquisition, Axar has partnered with Mark Zesbaugh, an executive with 30 years of experience in the insurance industry, who has been appointed Executive Chairman of Pavonia.
 
Axar Capital Management LP is an investment manager focused on value-oriented and opportunistic investing. Axar’s investment team focuses on opportunities across the capital structure in complex situations, event driven opportunities and as a provider of debt and equity solutions.

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