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Tuesday, February 9, 2010
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Phoenix moves to shore up risk-based capital ratio
The Phoenix Cos. Inc. last week drafted a reinsurance agreement with a subsidiary of Swiss Re, improving the carrier's risk-based capital ratio.
The carrier has entered a reinsurance agreement with Reassure America Life Insurance Co., a subsidiary of Swiss Reinsurance Co., to back a small block of in-force life insurance. Phoenix did not reveal the terms of the deal. Chief executive officer James D. Wehr indicated that it was looking into other reinsurance transactions and that such arrangements are a boon for the carrier. “Maintaining a healthy balance sheet is the number one prerequisite for stabilizing the company and moving to profitable growth,” Mr. Wehr said in a statement. “This reinsurance transaction, the first of several we are pursuing, helps achieve that by strengthening our capital position and [risk-based capital].” The carrier had an estimated RBC ratio of 255% as of the end of September, and it's aiming for a year-end RBC ratio of 300%
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