Philadelphia Financial, a provider of private placement insurance, has acquired Phoenix Life and Reassurance Company of New York, a life insurance entity from The Phoenix Cos. Inc. The firm was renamed the Philadelphia Financial Life Assurance Company of New York, says Philadelphia Financial.
“Both the acquisition and our new rating are important indicators that Philadelphia Financial is well poised for organizational growth,” says John Hillman, president and CEO of Philadelphia Financial.
Philadelphia Financial says it completed a transaction on June 23 to become independent of The Phoenix, with the new majority owner being Tiptree Financial Partners, a broadly diversified financial services holding company, primarily owned by a group of major financial institutions.
Philadelphia Financial also says that concurrent with the transaction, A.M. Best Co. issued a rating of A- (said to indicate excellence) for the life insurance subsidiaries of Philadelphia Financial. A.M. Best Co. says Philadelphia Financial has a strong niche market position within the individual ultra-high net worth and institutional private placement marketplace, a seasoned management team and a beneficial new ownership structure.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access