BINGHAMTON, NY – A 139 year-old Greater Binghamton company has been sold to a group of investors.
Columbian Financial Group announced today that it is being acquired by Constellation Insurance Holdings.
Constellation is backed by 2 Canadian based institutional investors.
According to a news release, Columbian will be converted to a stock company and all shares issued to Constellation which plans to inject 100 million dollars into Columbian to fund payments to policyholders and strengthen the life insurance company’s capitalization and financial ratings.
Columbian will retain its brand and leadership team and will maintain its offices in Vestal and Syracuse.
It has 1.8 billion dollars in assets and over 750,000 policy holders.
The deal, which is subject to regulatory approval, is expected to close during the first half of next year.