The Connecticut Department of Insurance has signed off on Nassau Reinsurance Group Holdings’ $217.2 million purchase of Hartford insurer The Phoenix Cos.
A state insurance department spokesperson said the approval speaks for itself and would not offer comment beyond that.
Pursuant to the merger agreement, Nassau will acquire Phoenix for $37.50 per share in cash, or an aggregate equity purchase price of $217.2 million, and upon closing, Phoenix will become a privately held, wholly owned subsidiary of Nassau. After the transaction is completed, Nassau will contribute $100 million in new equity capital into Phoenix.
The deal is still subject to approval from the New York State Department of Financial Services and other customary closing conditions, the companies said in a statement. Phoenix and Nassau continue to expect the closing to take place in the second quarter of 2016.
Phoenix stockholders approved the transaction on Dec. 17, 2015.
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