Century Business Services (CBIZ) has agreed to sell its risk-bearing insurance operations to a consortium of financial entities for $31 million, contingent upon regulatory approval.
The consortium, made up of Avalon National Corp, along with Stonehenge Partners, Inc., Colonial Banc Corp., First Mutual of Richmond and Ohio Valley Banc Corp., will take over CBIZ’s risk-bearing insurance division, made up of Century Surety Company and Evergreen National Indemnity. CBIZ plans to use the proceeds for debt reduction.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Florida Insurance Agency VP Sentenced to 3 Years in Massive ACA Fraud Scheme 
Law Firm Faces Sanctions for Failing to Vet Ugandan Claims in $6B 3M Case 
Billionaire NFL Owner Suing Over Billboards Near His LA Stadium 
Alliant Latest to Sue Howden US Over Alleged ‘Smash-and-Grab’ Poaching 
