Phoenix

First new annuity since Nassau Re deal

ThinkAdvisor reports on our first new annuity introduced since the Nassau Re acquisition, NassauMYAnnuity (5X, 7X).

The product is a single-premium, multi-year guarantee annuity. The annuity pays a guaranteed rate of interest, and a purchaser can choose between a 5-year or 7-year guarantee period. The current rate is 3.4% for the 5X version of the annuity and 3.5% for the 7X version.

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Alice EricsonFirst new annuity since Nassau Re deal
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Nassau Re Launches Nassau MYAnnuitySM (5X, 7X)

Hartford, CT, March 20, 2018 – Nassau Re today announced it has added a single-premium multi-year guarantee annuity (MYGA) to its insurance offerings, Nassau MYAnnuitySM (5X, 7X). It is the first new insurance product offering from Phoenix since its acquisition in 2016, and it launches a renewed emphasis on innovative products focused on strong consumer value and choice through Nassau Re’s insurance segment. Nassau MYAnnuity is available through independent marketing organizations (IMOs).

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Alice EricsonNassau Re Launches Nassau MYAnnuitySM (5X, 7X)
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S&P Global Ratings: Phoenix Life Insurance Group Upgraded to ‘BB’; Outlook Stable

S&P Global announced an upgrade in ratings for our companies to ‘BB.’ In the report the firm released, the analysts specifically cited progress in transformation and turnaround plan following acquisition by Nassau Reinsurance Group Holdings, L.P. in 2016. The firm raised its ratings on Phoenix Cos. Inc., Phoenix Life Insurance Co., and PHL Variable Insurance Co. In addition, S&P put the company on stable outlook which “means that we expect Phoenix to improve its operating performance and capitalization metrics through execution of its strategic initiatives.”

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Alice EricsonS&P Global Ratings: Phoenix Life Insurance Group Upgraded to ‘BB’; Outlook Stable
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Illinois Department of Insurance Bulletin 2017-03

Phoenix has taken appropriate measures to ensure compliance with Illinois Department of Insurance Bulletin 2017-03  issued in response to severe flooding in Illinois.

Phoenix has advised all responsible employees of the bulletin’s requirements and of necessary actions to comply to the extent applicable to our products.

Illinois consumers may contact Phoenix with any disaster-related concerns by calling our service lines:

  • Term and Whole: 1-800-628-1936
  • Variable/Universal Life and Annuities: 1-800-541-0171

Any complaint over a disaster-related dispute or issue may be filed with the Illinois Department of Insurance by calling the Department’s toll free complaint hotline at 1-866-445-5364 or filing online at https://mc.insurance.illinois.gov/messagecenter.nsf.

 

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Alice EricsonIllinois Department of Insurance Bulletin 2017-03
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A Snapshot in Time: 1893 Phoenix Life Insurance Policy Surfaces in Texas

Hartford, CT, July 21, 2017 –  When Clyde N. Root, Jr., a former auctioneer in El Paso, Texas, found an old Phoenix life insurance policy in his collection, he graciously donated it to the archives of the company.

The policy, from 1893, offers a snapshot in time for a 19-year-old dry goods clerk in Ohio and a company in Connecticut that had already been in business for more than 40 years.

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Alice EricsonA Snapshot in Time: 1893 Phoenix Life Insurance Policy Surfaces in Texas
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