Company Overview

PHL Variable Insurance Company (PHL) is a Connecticut-based insurance company that was licensed to sell life insurance and annuity products throughout the United States, except in New York and Maine. PHL also owns two affiliated reinsurance companies, Concord Re, Inc. and Palisado Re, Inc., which reinsured PHL’s insurance obligations.

On May 20, 2024, the Connecticut Superior Court, Hartford Judicial District, placed PHL, Concord Re, and Palisado Re into rehabilitation proceedings at the request of the Connecticut Insurance Commissioner. Rehabilitation is a court-supervised process intended to protect policyholders while the company’s financial condition is evaluated, and the appropriate next steps are determined. The companies consented to the rehabilitation.

In December 2025, the Connecticut Insurance Department informed the Court that PHL and its subsidiaries would need to be liquidated. Liquidation timing is not certain but is anticipated to occur sometime before year end 2027.

As the liquidation process moves forward, state life and health insurance guaranty associations, working with the Connecticut Insurance Department and NOLHGA, will continue to evaluate options to help protect eligible policyholders in accordance with applicable state laws.

More information can be found on the Connecticut Insurance Department’s website: https://portal.ct.gov/cid/phl

Company Details

NAIC Number: 93548

An NAIC number is a five-digit number assigned to every insurance company by the NAIC (National Association of Insurance Commissioners). Because each company has its own unique number, the NAIC number can be used to identify a particular company.

Domiciliary State: Connecticut

The domiciliary state is the state in which an insurance company is incorporated or organized.

Rehabilitation Date: May 20, 2024