Enstar Group Limited has announced that it has now completed the sale of its subsidiary, Pavonia Holdings (US), Inc., to an affiliate of Global Bankers Insurance Group, LLC.
Enstar has completed the previously announced transaction for a total purchase price of $120 million, and is a good example of Enstar capitalising on its ability to acquire insurance books and businesses in order to turn around their fortunes and sell them on.
The firm announced its plans to sell Pavonia in February 2017, after originally acquiring the Pavonia business from HSBC Finance in 2013.
