Axar Capital Management, an investment manager, completed the acquisition of Pavonia Life Insurance Company of Michigan, a life insurance company. Financial terms were not disclosed. “We are excited to have completed the acquisition of Pavonia. We are also exceptionally pleased to have Mark Zesbaugh partner with Axar and lead the company as Executive Chairman. Mark is one of the most experienced and dynamic professionals in the industry and we look forward to working with him as he thoughtfully leads the company forward," Andrew Axelrod, Axar Capital Founder and Managing Partner.