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Phoenix Announces Acquisiton from CNA
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Business New Haven
7/8/2002
By: BNH
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HARTFORD - The Phoenix Companies Inc. (NYSE: PNX) and CNA Financial Corp. (NYSE: CNA) announced a binding agreement for Phoenix to acquire the variable life and variable annuity business of Valley Forge Life Insurance Co. (VFL) through a co-insurance arrangement. VFL is a subsidiary of CNA.
VFL held 12,600 contracts with a total account value of approximately $624 million as of March 31. PHL Variable Insurance Co., a subsidiary of the Phoenix Companies Inc., will acquire 100 percent of the economic interest in the business through co-insurance, and it expects to enter into an administrative service agreement with VFL.
The transaction was planned to take effect on July 1, and subject to regulatory approval, was expected to close within the third quarter.
The Phoenix Companies Inc. is a provider of wealth-management products and services to individuals and institution.
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