Century Business Sells Insurance Division to Consortium

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.