The Phoenix Companies and Nassau Reinsurance Group Holdings announced that Nassau has received Connecticut Insurance Department approval for the acquisition of Phoenix pursuant to the agreement and plan of merger entered into on September 28, 2015 (the “merger agreement”).
The transaction is still subject to approval from the New York State Department of Financial Services and the satisfaction of customary closing conditions. Phoenix and Nassau continue to expect the closing to take place in the second quarter of 2016.
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.
As previously announced, Phoenix stockholders approved the transaction on December 17, 2015.
The Phoenix Companies, Inc. (PNX) helps financial professionals provide solutions, including income strategies and insurance protection, to families and individuals planning for or living in retirement.
Founded as a life insurance company in 1851, Phoenix offers products and services designed to meet financial needs in the middle income and mass affluent markets.
Phoenix is headquartered in Hartford, Connecticut, and has two insurance company operating subsidiaries: Phoenix Life Insurance Company, which has its statutory home office in East Greenbush, New York, and PHL Variable Insurance Company, which has its statutory home office in Hartford, Connecticut.