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.
How ‘Super Roofs’ Reward Insurers, Cat Bond Investors and Homeowners 
Dozens of State Attorneys General Urge Congress Not to Block AI Laws 
Taiping Insurance Shares Hit by Over $200 Million Exposure to Hong Kong Fire 
Death of Teenager on Carnival Cruise Ship Ruled a Homicide 
