HARTFORD, Conn.- - (BUSINESS WIRE)- -
The Phoenix Companies, Inc. (PNX) ("Phoenix") today declared that it executed a formerly revealed intercompany reinsurance arrangement between two of its backups, Phoenix Life Insurance Company ("PLIC") and PHL Variable Insurance Company ("PHL Variable"), compelling June 30, 2015, in the wake of accepting administrative approbation. Phoenix additionally declared that it hopes to de-stack its insurance agency auxiliaries by July 31, 2015.
Under the reinsurance arrangement, PLIC will retrocede to PHL Variable on a changed coinsurance premise, approach liabilities of a square of corporate-claimed life coverage strategies. Phoenix affirmed that it anticipates that the settlement will positively affect statutory surplus and danger based capital proportions for both auxiliaries and said it will give more points of interest on the contact with second quarter 2015 budgetary results.
As of consequence of talks with its controllers identified with this bargain, Phoenix hopes to de-stack its insurance agency auxiliaries. Administration accepts de-stacking will make a more streamlined administrative structure.
PLIC is directed by the New York State Department of Financial Services. It is right now the circuitous guardian of PHL Variable, American Phoenix Life and Reassurance Company and Phoenix Life and Annuity Company, which are directed by the Connecticut Insurance Department. Under the proposed structure, the three Connecticut-managed elements will be immediate backups of Phoenix.
The de-stacking is liable to approbation by both New York and Connecticut controllers.
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Further, Phoenix concurred it won't utilize any future profits paid by PLIC to meet the working needs of PHL Variable. Phoenix's evaluated holding organization money and non-subsidiary securities of $65 million at June 30, 2015 and other capital sources, for example, profits from other working organizations and outer financing, are accessible and accepted adequate to meet PHL Variable's as of now foreseen capital needs.
ABOUT PHOENIX
The Phoenix Companies, Inc. (PNX) helps monetary experts give arrangements, including pay methods and protection insurance, to families and people anticipating or living in retirement. Established as a life coverage organization in 1851, Phoenix offers items and administrations intended to address money related issues in the center wage and mass princely markets. Its circulation auxiliary, Saybrus Partners, Inc., offers arrangements based deals backing to money related experts and speaks to Phoenix's items among key merchants, including autonomous showcasing associations and business general offices. Phoenix is headquartered in Hartford, Connecticut, and its important working backup, Phoenix Life Insurance Company, has its statutory home office in East Greenbush, New York. PHL Variable Insurance Company has its statutory home office in Hartford, Connecticut, and records yearly and other intermittent reports under the Securities Exchange Act of 1934. For more data, visit www.phoenixwm.com.
Preventative STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The prior contains "forward-looking articulations" inside of the importance of the Private Securities Litigation Reform Act of 1995. We mean for these forward-looking articulations to be secured by the protected harbor procurements of the government securities laws identifying with forward-looking proclamations. These forward-looking explanations incorporate proclamations identifying with, or speaking to administration's convictions about, future occasions, exchanges, systems, operations and monetary results, including, without impediment, our desire to give data inside expected timelines and generally as per law, the result of prosecution and cases and in addition administrative examinations, examinations, procedures and requests emerging out of the restatements and the disappointment by Phoenix and its entirely claimed auxiliary, PHL Variable Insurance Company, to document SEC reports on an auspicious premise, potential punishments that may come about because of inability to opportune record statutory money related articulations with state protection controllers, and Phoenix's capacity to fulfill its prerequisites under, and keep up the posting of its shares on, the NYSE, and Phoenix's capacity to acquire administrative support to de-stack its insurance agency auxiliaries and to impact the de-stacking in the foreseen time span or by any stretch of the imagination. Such forward-looking articulations. Such forward-looking articulations regularly contain words, for example, "will," "suspect," "accept," "plan," "evaluation," "expect," "mean," "is focusing on," "may," "ought to" and other comparable words or expressions. Forward-looking articulations are made based upon administration's present desires and convictions and are not ensures of future execution. Our capacity to keep up a convenient documenting timetable as for our SEC filings is liable to various possibilities, including however not constrained to, whether existing frameworks and procedures can be opportune redesigned, supplemented or supplanted, and whether extra filings may be important regarding the restatements. Our real business, money related condition or aftereffects of operations may contrast physically from those recommended by forward-looking articulations as a consequence of dangers and instabilities which incorporate, among others, those dangers and vulnerabilities depicted in any of our filings with the SEC. Certain different elements which may affect our business, budgetary condition or aftereffects of operations or which may bring about genuine results to vary from such forward-looking proclamations are examined or included in our intermittent reports recorded with the SEC and are accessible on our site at www.phoenixwm.com under "Financial specialist Relations." You are encouraged to painstakingly consider every single such variable. We don't embrace or plan to upgrade or overhaul forward-looking articulations to reflect genuine results, changes in arrangements, presumptions, evaluations or projections, or different circumstances happening after the date of this new discharge, regardless of the possibility that such results, changes or circumstances make it clear that any forward-looking data won't be figured it out. On the off chance that we put forth any future open expressions or exposures which adjust or affect any of the forward-looking articulations contained in or going with this news discharge, such explanations or divulgences will be considered to alter or supersede such proclamations in this news dischar
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