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.
