Phoenix Completes De-Stacking Of Insurance Company Subsidiaries
August 4, 2015 by Business Wire
HARTFORD, Conn.–(BUSINESS WIRE)– The Phoenix Companies, Inc. (NYSE: PNX) (“Phoenix”) today announced that it completed the previously disclosed de-stacking of its insurance company subsidiaries, which are now all direct subsidiaries of Phoenix. Prior to the de-stacking, Phoenix Life Insurance Company (“PLIC”), a direct subsidiary of Phoenix, was the indirect parent of PHL Variable Insurance Company (“PHL Variable”), American Phoenix Life and Reassurance Company (“APLAR”) and Phoenix Life and Annuity Company (“PLAC”).
The de-stacking was completed through an extraordinary dividend of PHL Variable, APLAR and PLAC from PLIC to Phoenix, effective July 1, 2015 and based on the June 30, 2015 statutory carrying value of the three subsidiaries. Click HERE to read more…