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Phoenix Says It Can Handle Unicover Liability

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NU Online News Service, Oct. 21, 10:45 a.m. – The Phoenix Companies, Inc., Hartford, says its existing financial provisions are adequate to handle its obligations stemming from a recent arbitration decision related to a failed reinsurance program.

The arbitration panel decision, the terms of which were not specified, was issued Oct. 9, 2002 in connection with the failure of a workers compensation reinsurance program managed by Unicover Managers, South Plainfield, N.J. The Unicover program went bankrupt in 1999.

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Phoenix was involved in the reinsurance pool, which also included Reliastar, Inc., Minneapolis; Connecticut General Life Insurance Company, Bloomfield, Conn.; Lincoln National Life Insurance Company, Fort Wayne, Ind.; and Cologne Life Reinsurance Company, Stamford, Conn.

Phoenix says it established financial provisions in 1999 and 2000 to cover potential liabilities stemming from Unicover and other discontinued group accident and health reinsurance business.