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.

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