Life reinsurance provided via Reassure America Life
The Phoenix Companies have announced they have entered into a reinsurance agreement with Reassure America Life Insurance Company, 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. 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,” said Dona Young, chairman, president and chief executive officer.
The Phoenix Companies provide life insurance and annuities through third-party financial professionals and intermediaries, supported by the company’s wholesalers and financial planning specialists.
In 2007, Phoenix had annual revenues of $2.6bn and total assets of $30.2bn.