Over a dozen firms reviewing documents in effort to secure solvent exit
Connecticut Insurance Commissioner Andrew Mais reported that most of the work to prepare PHL Variable Insurance Co. and its affiliated businesses for potential sale has been completed, although the process has taken longer than expected.
In a May 20 status report, Mais said actions required to support a marketing or sale process for the company or portions of its business are largely finished.
PHL Variable was found to have a capital and surplus deficit of approximately $900 milli…