January 7, 2010 (FinancialWire) — The Phoenix Cos., Inc. (NYSE: PNX) said that it has signed a definitive agreement with Tiptree Financial Partners, LP for it to acquire Phoenix’s private placement insurance business, PFG Holdings, Inc., including its subsidiaries, Philadelphia Financial Group, Inc. and AGL Life Assurance company.

The transaction, which is subject to regulatory approvals and other customary closing conditions, is scheduled to close in the second quarter of 2010. PFG’s existing management will continue with the company.

Detailed terms of the transaction were not disclosed.

PFG Holdings develops and administers private placement insurance and annuity structures for ultra-high net worth and institutional clients.

Connecticut-based Phoenix provides financial solutions using life insurance and annuities, with particular focus on the high-net-worth and affluent market.

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