Nassau Re Rebrands Acquired Phoenix Life Subsidiary
September 23, 2016 by David Pilla
HARTFORD, Conn. – Phoenix Cos. Inc. unveiled a new corporate brand it said will align the Phoenix’s logo with Nassau Reinsurance Group Holdings LP, Phoenix’s new parent.
The brand change introduces “a consistent brand across its enterprise,” Phoenix said in a statement.
Phillip J. Gass, chief executive officer of Phoenix and Nassau Re, said in a statement the move unifies the brands of the Nassau Re companies. “Phoenix is our largest segment and serves as the platform for our U.S. life and annuity business,” he said.
Phoenix also adopted Nassau Re’s lighthouse as its logo.
Nassau Re spokeswoman Alice Ericson said there are no strategy or staff changes planned with the branding change.
The group said Phoenix’s new brand will be rolled out across all print and electronic materials throughout 2016. Signage at One American Row (known as the “boat building”) in Hartford, Connecticut, will be updated in November with the Nassau Re name, as the “landmark structure” now serves as headquarters for both Phoenix and Nassau Re.
Nassau Re completed the acquisition of Phoenix in June 2016 (Best’s News Service, June 21, 2016). At the time, Nassau Re said with completion of the acquisition, the life and annuity insurer reverted to privately held status following regulatory approvals from the states of Connecticut and New York.
Phoenix as a wholly owned subsidiary of Nassau Re now serves as the latter’s U.S. life and annuity platform. In addition, Saybrus Partners Inc., Phoenix’s distribution subsidiary, is now a subsidiary of Nassau Re, held outside of Phoenix, the group said in June.
Phoenix Cos. offers annuities and life insurance for retirement planning. Its products are available mainly through independent agents and financial professionals. Phoenix is a wholly owned subsidiary of Nassau Re and has two insurance company operating subsidiaries: Phoenix Life Insurance Co. and PHL Variable Insurance Co.
Nassau Re has assets of more than $17 billion and is an owner and operators of insurance and financial services businesses. Subsidiaries include Phoenix Cos., Saybrus Partners Inc., Nassau Asset Management LLC, Nassau Re (Cayman) Ltd. and Constitution Life Insurance Co.
Nassau Re was founded in 2015 with an initial capital commitment of $750 million provided by Golden Gate Capital.
Units of Nassau Reinsurance Group Holdings LP have current Best’s Financial Strength Ratings of B++ and B+ (Good), and B (Fair).
(By David Pilla, news editor, BestWeek: David.Pilla@ambest.com)