Phoenix in tie-up talks with Swiss Re

12th Jul 2013 07:19

Phoenix Group is in talks with Swiss Re about combining their businesses. The deal would bring Phoenix together with the Swiss insurance giant's Admin Re business and would see Swiss Re take a minority stake in Phoenix. Phoenix said in a statement that discussions were at an early stage and there was no certainty a deal would be struck.Phoenix, formerly known as Pearl, buys, consolidates and runs closed life insurers. Its market capitalisation is about £1.5bn.