Phoenix Companies Sold, Will Be Taken Private

Connecticut Public Radio | By Harriet Jones

Published September 29, 2015 at 9:27 PM EDT

Phoenix Mutual Life Insurance building in Hartford.

The Phoenix Companies is to be sold to a newly formed reinsurance investment firm. New York-based Nassau Reinsurance will pay $217.2 million for the Hartford company, and then take it private.

Shareholders in the company look to be big winners from the transaction. Phoenix stock closed Monday at $13.03 a share; the deal values the company at $37.50 a share. Phoenix has 360 employees in Hartford. Nassau said it will keep the corporate headquarters in the city.

Phoenix has struggled in recent years to fully recover from the 2008 recession, and has reportedly been seeking a sale for several months.

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Harriet Jones

Harriet Jones is Managing Editor for Connecticut Public Radio, overseeing the coverage of daily stories from our busy newsroom.

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