Hartford insurer Phoenix Cos. Inc. says its life insurance unit signed a reinsurance pact with New York’s Nomura Reinsurance Intermediary Inc.
Specific and financial terms of the deal between Phoenix Life Insurance and Nomura’s Guernsey-based reinsurance affiliate weren’t disclosed.
However, Phoenix said Tuesday the agreement provides coinsurance for approximately one-third of the life unit’s closed block of participating life insurance policies.
It also boost’s Phoenix’s financial flexibility by reducing capital requirements.
