Phoenix’s subsidiary, Phoenix Life Insurance, has signed a reinsurance agreement with Nomura Reinsurance Intermediary’s Guernsey incorporated cell company.
The reinsurance agreement provides the coinsurance with up to one-third of the company’s closed block of participating life insurance policies and also enhances the financial flexibility for Phoenix by reducing capital requirements.
The transaction also enhances the Guernsey’s positive impact on Phoenix Life Insurance Company’s year-end 2011 risk-based
capital ratio of around 45 % points.
The transaction will not affect the safety, performance, features or dividend potential of the policies within the closed block.
The detailed terms of the transaction were not disclosed.