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.