Nassau Reinsurance Group Holdings, L.P., and The Phoenix Companies, Inc., have completed Nassau Re's previously announced acquisition of Phoenix after receipt of insurance regulatory approvals from the Connecticut Insurance Department and the New York State Department of Financial Services.
Phoenix is now a privately held, wholly owned subsidiary of Nassau Re, serving as its U.S. life and annuity platform. In addition, Saybrus Partners, Inc., Phoenix's distribution subsidiary, has become a subsidiary of Nassau Re, held outside of Phoenix.
As part of the transaction, Nassau Re contributed $100 million of new equity capital into Phoenix at closing. Additionally, Nassau Re funded $80 million of new equity capital to Nassau Re's reinsurance affiliate related to a reinsurance agreement between this affiliate and PHL Variable Insurance Company, one of Phoenix's operating subsidiaries.
Phillip J. Gass, Nassau Re's chief executive officer, also will serve as Phoenix's chief executive officer, effective immediately. James D. Wehr, who has served as Phoenix's president and chief executive officer since 2009, is retiring effective July 1, 2016. Mr. Wehr joined Phoenix in 1981 and was chief investment officer prior to being named chief executive officer.
In addition, Phoenix announced that Kostas Cheliotis, Nassau Re's chief operating officer and general counsel, also will serve as Phoenix's general counsel, effective immediately. John T. Mulrain, who has served as Phoenix's general counsel and secretary since 2009, is retiring effective July 1, 2016. Mr. Mulrain joined Phoenix in 1992 and served in various capacities within the law department.
Ernest McNeill, Jr., was named chief financial officer upon closing, succeeding Bonnie J. Malley. He also will serve as Phoenix's treasurer.
Other members of Phoenix's senior management team are:
- Jody A. Beresin, chief administrative officer
- Thomas M. Buckingham, chief operating officer
- Robert J. Lombardi, chief actuary
- Gina Collopy O'Connell, chief risk officer
- Christopher M. Wilkos, chief investment officer
Learn more: www.phoenixwm.com; www.nsre.com.
FC&S Legal Coverage: Nassau Reinsurance Group to Acquire The Phoenix Companies for $217.2 Million.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].