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Phoenix Completes CNA Deal

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NU Online News Service, July 24, 10:15 a.m. – The Phoenix Companies Inc., Hartford, has completed its previously announced acquisition of the variable life and annuity business of Valley Forge Life Insurance Company, a unit of CNA Financial Corp., Chicago.

Phoenix made the acquisition through a subsidiary, PHL Variable Insurance Company, using a coinsurance arrangement.

Valley Forge Life will continue to administer its in-force contracts during a transition period, Phoenix says.

Phoenix and CNA have not released any details about the price of the deal or other terms.

The CNA variable life and variable operations control more than 12,600 contracts with a total account value of about $624 million, according to CNA.