A company that recently split off from the Phoenix Companies Inc. is the new parent of Phoenix Life and Reassurance Company of New York.

Philadelphia Financial, Plymouth Meeting, Pa., a firm that specializes in selling private placement insurance through advisors who serve wealthy individuals, says it has acquired Phoenix Life and Reassurance of New York and renamed the company Philadelphia Financial Life Assurance Company of New York.

The Phoenix Companies, Hartford, a 159-year-old insurer that has been hit hard by the recession, sold Philadelphia Financial to Tiptree Financial Partners L.P., New York, in June. Phoenix has been reporting the Philadelphia Financial business as a discontinued operation since 2009.

The main life operating subsidiary of The Phoenix Companies is domiciled in New York state, and The Phoenix Companies did not need Phoenix Life and Reassurance to sell life and annuity products in New York state, a Phoenix Companies representative says.

John Hillman is the president of Philadelphia Financial.

Tiptree, the current majority owner of Philadelphia Financial is, a holding company controlled by large financial institutions.

- Allison Bell

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CORRECTION: The original version of this article included an error in the name of the seller. The seller is the Phoenix Companies Inc.