The FTSE 250 life assurance consolidation vehicle is looking to tie-up with the Zurich-based insurer’s administration business to create a group worth about £3bn.
In a statement to the stock exchange this morning (12 July), Phoenix bosses noted sister newspaper Financial Times’ speculation and confirmed it was in preliminary discussions with Swiss Re about taking on the Admin Re business unit.
If the talks were successful, Swiss Re would take a minority shareholding in Phoenix in consideration.
A spokesman for Phoenix said: “There is no certainty that these discussions will lead to any transaction or the terms on which any such transaction might proceed.
“Further statements will be made as and when appropriate.”
Both businesses manage life assurance policies in closed books.
