Hartford Business.com
March 12, 2010
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Hartford insurer The Phoenix Cos. Inc. said it signed a reinsurance pact with a unit of Swiss Re for a small block of in-force life insurance, a move to boost Phoenix's capital base.
Terms of Phoenix's deal with Reassure America Life Insurance Co. were not disclosed.
"Maintaining a healthy balance sheet is the number one prerequisite for stabilizing the company and moving to profitable growth,'' said Phoenix CEO James D. Wehr.
Phoenix said its goal is to have a risk-based capital ratio of 300 percent by year end.
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