Reinsurance News
Phoenix Group
Phoenix Group exploring potential sale of its SunLife business
26th June 2024
The Board of Phoenix Group has revealed its intention to explore the potential sale of its SunLife Limited business. Following a strategic review, Phoenix has concluded that SunLife is "no longer core" to the delivery of its vision of becoming the UK's leading retirement savings and income business. The Board has thus ... Read the full article
Phoenix Group achieves 2025 growth target two years early with strong 2023 performance
1st February 2024
Phoenix Group Holdings plc has reported robust organic growth in 2023, exceeding expectations and achieving its 2025 growth target two years ahead of schedule. The financial services company announced new business net fund flows of approximately £7 billion, representing an impressive year-on-year increase of around 80%. Key highlights from the 2023 performance ... Read the full article
Phoenix Group appoints Lloyd’s CIO Eleanor Bucks as Board member
24th November 2023
The Phoenix Group Holdings plc, a major UK life and retirement, risk transfer and savings company, has appointed Eleanor Bucks as an independent Non-Executive Director. The appointment is effective starting 1st December 2023. Alastair Barbour, Chair of Phoenix Group, commented on the appointment, "We are delighted that Eleanor has agreed to join ... Read the full article
Phoenix Group increases cash target following insurance brands merger
16th November 2023
Phoenix Group has raised its full-year cash generation forecast after announcing that it has completed the funds merger of its Standard Life and Phoenix Life businesses into Phoenix Life Ltd, uniting the businesses of four entities. The transfer has resulted in its 2023 cash target being increased to £1.8 billion, up ... Read the full article
Nicholas Lyons to return as Phoenix Group’s Chair of the Board
10th October 2023
British insurer Phoenix Group has announced that Nicholas Lyons will return as Chair of its Board in December, after he stepped down from the position last year to take up the full-time role of Lord Mayor of the City of London for a one-year term. At the same time, following a ... Read the full article
Sun Life completes sale of its UK business to Phoenix Group
3rd April 2023
Sun Life Financial has completed the sale of Sun Life UK to Phoenix Group, a London-based long-term savings and retirement business. This transaction will see Sun Life UK's life and pension policies and annuity blocks for UK Clients move to Phoenix Group. The deal was first announced in August of 2022, ... Read the full article
Cocevar to lead Phoenix’s Insurance Risk and Reinsurance Oversight team
13th March 2023
Life consolidator Phoenix Group has appointed Piero Cocevar as its interim Head of Insurance Risk and Reinsurance Oversight. In 2015, Cocevar joined the Group as Senior Manager - Consolidation and Analysis at ReAssure, one of the Phoenix Group brands. After spending over ten years in that role, he was appointed Head ... Read the full article
Phoenix Group to acquire Sun Life UK for £248 million
8th August 2022
Life consolidator Phoenix Group is set to acquire Sun Life UK, a closed book UK life insurance company, for £248 million, funded from existing cash resources. The deal is expected to deliver c.£470 million of incremental long-term cash generation, with approximately 30% of this cash generation to emerge in the first ... Read the full article
Phoenix Group agrees €230mn sale of Ark Life
13th July 2021
Phoenix Group Holdings plc has reached an agreement to offload Ark Life Assurance Company DAC to Irish Life Group Limited for €230 million (£197mn) in cash, subject to customary regulatory and antitrust approvals. Ark Life is a closed book of business which manages heritage savings and protection products in Ireland. Read the full article
Swiss Re cuts stake in Phoenix Group to 6.6%
23rd June 2021
Reinsurance giant Swiss Re has successfully reduced its shareholding in Phoenix Group Holdings plc by roughly 6.6% by selling 66,199,917 shares in the firm for £437 million. Swiss Re acquired a stake in the company last year through the sale of its ReAssure Group plc subsidiary to Phoenix. The sale was ... Read the full article
Phoenix in advanced talks to sell European businesses, reports
18th May 2021
Leading life consolidator Phoenix Group is reported to be nearing the sale of its £550 million-rated European businesses to an unconfirmed buyer. Sky News says the deal is currently being finalised and that it could be announced as early as next week. Phoenix, whose market capitalisation stands at roughly £7.35 billion, is ... Read the full article
Swiss Re completes sale of ReAssure to Phoenix Group
23rd July 2020
Global reinsurance giant Swiss Re has announced the completion of the sale of its ReAssure Group plc subsidiary to Phoenix Group Holdings plc, following the receipt of all regulatory and antitrust approvals. As previously announced, Swiss Re received a cash payment of £1.2 billion and shares in Phoenix representing a ... Read the full article
Swiss Re selling ReAssure to Phoenix Group in £3.25bn deal
6th December 2019
Swiss Re has finally found its exit point from its UK closed life book consolidator business, ReAssure, agreeing to sell the ReAssure Group plc business to the largest pensions and life consolidation specialist in Europe, Phoenix Group Holdings plc in a deal worth UK £3.25bn. Swiss Re has been seeking to ... Read the full article
Phoenix to acquire £3.24bn insurance business from Standard Life Aberdeen
26th February 2018
The UK’s Phoenix Group has unveiled its plans to acquire the majority of Standard Life Assurance Limited and employee benefits arm Vebnet Limited for a total consideration of £3.24 billion, and to enhance their long-standing strategic partnership with current owners Standard Life Aberdeen (SLA). This transaction sees SLA complete their transformation ... Read the full article
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