Hartford, Conn. — The Phoenix Cos. Inc. announced that it has entered into a reinsurance agreement with Reassure America Life Insurance Co., a subsidiary of Swiss Re, for a group of in-force term life insurance policies. Detailed terms of the transaction were not disclosed.
“This reinsurance transaction is one of several initiatives we are pursuing to improve our capital position this year and into early 2009,” says Dona Young, The Phoenix Cos.’ chairman, president and CEO. “Earlier, we reduced risk by selling publicly traded equities from our general account portfolio and, together, these initiatives are expected to enhance our year end statutory risk-based capital by approximately 35 to 40 percentage points.”
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