Hartford insurer The Phoenix Cos. has sold its New York-based life insurance subsidiary to Philadelphia Financial, according to an announcement released Thursday.
The Phoenix Cos. sold its Phoenix Life and Reassurance Co. of New York to Philadelphia Financial, which has renamed the company Philadelphia Financial Life Assurance Co. of New York.
Terms of the deal were not released.
Philadelphia Financial, which focuses on private placement insurance, was once owned by The Phoenix Cos., before the Hartford life insurer sold it to a private equity firm earlier this year. That deal was completed in June.