Phoenix still in offer talks with CVC

Phoenix Group, the insurance consolidation company, says it is still in talks with buyout specialists CVC Capital Partners over a possible offer.

Phoenix is a collection of "zombie" life assurance companies running insurance schemes that are not open to new entrants.

The company, which was known as Pearl Group until 2010, ran into serious problems during the credit crisis of 2008 when it needed to be rescued by an injection of £500m in new equity by US insurance billionaire Nicolas Berggruen.

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CVC has been a known "stalker" of Phoenix since the Autumn of last year when talks with another firm, Resolution, broker down.

In the last 12 months Phoenix has lost 14% of its value.

BS