Phoenix finalizes merger with private equity-backed reinsurer

December 18, 2015 by Warren S. Hersch

Hoping to put a stop to its financial hemorrhaging, The Phoenix Companies has inked a deal to merge with a unit of a private equity-backed reinsurer.

At a meeting on Friday, Phoenix stockholders approved an agreement, dated September 28, to merge with Davero Merger Sub Corp., a wholly owned subsidiary of Nassau Reinsurance Group Holdings, L.P.

Valued at $217.2 million, the merger will make Phoenix Companies private. The Hartford, Conn.-based financial services company traces its origins to 1851. At year-end 2011, Phoenix had approximately 600 employees. Click HERE to read article 

Originally Posted at LifeHealthPro on December 18, 2015 by Warren S. Hersch.