Pavonia Life Insurance Company

Pavonia Life Insurance Company of New York and Pavonia Life Insurance Company of Michigan are insurance providers that have undergone significant corporate restructuring and are currently in run-off, meaning they are not accepting new policy applications but continue to service existing ones.

Pavonia Life Insurance Company of Michigan was founded in 1980 and is licensed in 49 states, the District of Columbia, and Canada. In July 2019, it was placed into rehabilitation by the Michigan Department of Insurance and Financial Services (DIFS). Subsequently, in September 2022, Axar Capital Management acquired the company, appointing Mark Zesbaugh as Executive Chairman. More recently, the company has been rebranded as Revol One Insurance Company.

Pavonia Life Insurance Company of New York was incorporated on September 30, 1971, and is licensed in New York and Delaware. The company has a complex history of name changes and acquisitions. It was formerly known as American Republic Life Insurance Company of New York, American Western National Life Insurance Company, and First Central National Life Insurance Company of New York. Ownership has transferred through multiple parent companies, including Penn Mutual, Beneficial Corporation, HSBC, and Enstar Group. In February 2021, Aquarian Holdings announced a definitive agreement to acquire the New York entity from Enstar.

Both entities historically offered products such as credit life, disability insurance, term life, and structured settlement annuities. While new business has ceased, the companies maintain customer service operations to manage their existing portfolios, allowing policyholders to discuss coverage, renewals, and conversions.

Keywords: life insurance, run-off, insurance administration, policy management, structured settlements, credit life insurance, term life insurance, annuities, insurance acquisition, insurance rehabilitation, Pavonia Life Insurance Company of Michigan, Pavonia Life Insurance Company of New York, Revol One Insurance Company, Axar Capital Management, Aquarian Holdings