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November 13, 2009 at 07:00 PM
The Phoenix Companies Inc. announced it has entered into a reinsurance agreement with a subsidiary of Swiss Reinsurance Company, for what it calls a small block of in-force life insurance.
Phoenix, Hartford, Conn., did not disclose details of the transaction, which it concluded with the Swiss Re subsidiary, Reassure America Life Insurance Company
“Maintaining a healthy balance sheet is the number one prerequisite for stabilizing the company and moving to profitable growth,” said James D. Wehr, president and chief executive officer in a statement on the deal. “This reinsurance transaction, the first of several we are pursuing, helps achieve that by strengthening our capital position and RBC,” he said, referring to the company’s risk-based capital ratio.
Phoenix has said previously that it is targeting a year-end RBC of 300% and that it is focused on reinsurance options, improving internal capital management and reducing risk to improve its finances.
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