January 02, 2009 at 10:43 AM
An arm of Swiss Reinsurance Company is reinsuring a group of in-force term life policies from a U.S. carrier.
Reassure America Life Insurance Company, a unit of Swiss Re Life & Health America Inc., Armonk, N.Y., has agreed to reinsure the policies for Phoenix Companies Inc., Hartford.
Swiss Re Life is a unit of Swiss Reinsurance Company, Zurich.
The terms of the deal were not disclosed.
Phoenix notes that it also has taken other steps to improve its capital position, such as selling the publicly traded stocks it once held in its general account portfolio.
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CORRECTION: An earlier version of this article described the purpose of Phoenix’s reinsurance transaction with Swiss Re incorrectly.
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