Phoenix Seals Reinsurance Agreement With Swiss Re's Subsidiary
To strengthen the capital position
The Phoenix Companies, a Connecticut-based provider of financial solutions using life insurance and annuities, has entered into a reinsurance agreement with Reassure America Life Insurance, a subsidiary of Swiss Re, for a small block of in-force life insurance. However, the term of the transaction were not disclosed.
James Wehr, president and CEO of Phoenix, said: “Maintaining a healthy balance sheet is the number one prerequisite for stabilizing the company and moving to profitable growth. This reinsurance transaction, the first of several we are pursuing, helps achieve that by strengthening our capital position and RBC.”
Phoenix had previously said that it is targeting a year-end RBC (risk-based capital ratio) of 300% and that it is focused on reinsurance options, optimizing internal capital management and reducing risk as primary ways to realize improvement.
Related Insight
Suppliers Directory
Life Insurance & Pensions
Intermediaries Brokerage Underwriting London Lloyds
Reinsurance
Technology Technology in Insurance Outsourcing
Regulatory & Risk
Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
Comments may be moderated for spam, obscenities or defamation.