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Phoenix Companies to be bought by Nassau Reinsurance

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HARTFORD — The Phoenix Companies, which has struggled in recent years, has agreed to be purchased by the Nassau Reinsurance Group.

The purchase is expected to be completed next year. Nassau will pay $217.2 million for the long-time Hartford company.

The Phoenix will handle Nassau’s life insurance and annuity products. The company is headquartered in a distinctive two-sided office tower at One American Row in Hartford. In a statement, the company said, “Phoenix’s corporate headquarters will remain in Hartford, Conn., and its service center will continue to be located in East Greenbush, N.Y.”

Nassau was started earlier this year as an insurance and reinsurance business. They are backed by Golden Gate Capital. The Phoenix will become a privately held company when the transaction is complete.