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.