The Phoenix Companies Inc. (NYSE: PNX) reported Wednesday it has agreed to sell PFG Holdings Inc., its private placement insurance business, to Tiptree Financial Partners, according to Associated Press.
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The acquisition includes PFG Holdings and its subsidiaries, Philadelphia Financial Group Inc. and AGL Life Assurance Co. PFG's existing management will continue with the company.
Terms of the transaction, which is expected to close in the second quarter, were not disclosed.
PFG Holdings develops and administers private placement insurance and annuities for ultra-high net worth and institutional clients.
Tiptree Financial invests in financial businesses and buys performing and distressed credit assets. It is primarily owned by a diverse group of major financial institutions and is managed by Tricadia Capital, a registered investment adviser founded by Michael Barnes and Arif Inayatullah in 2003.
Shares of Phoenix Cos. fell 8 cents, or 2.8 percent, to $2.76 in afternoon trading.
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