Avalon management buys company from parent
Avalon Risk Management’s senior management team said this week it's reached an agreement to purchase the assets of Avalon from its parent company, Kingsway Financial Services Inc.
In a statement by President and Chief Executive Officer Lisa Gelsomino, Avalon said it would continue to operate under the Avalon banner as a privately held, independent company led by current management. Avalon sells transportation-related insurance products.
'Avalon began its brokerage operation in 1998 as a wholly-owned subsidiary of Kingsway, and we will continue to act as a distribution channel for Kingsway’s surety and transportation-related programs,' Gelsomino said. 'Avalon will also continue to represent other A-rated carriers as an independent broker for our logistics clients. We are thankful to Kingsway for launching the company and allowing us to flourish into the national broker we are today.
The transaction is sponsored by Fund Management Group LLC, which will have two representatives on Avalon's board of directors.
Avalon management buys company from parent
