Life insurance consolidator Phoenix to leave Cayman

New holding company established in U.K.

Phoenix Group, the largest specialist closed life and pension fund consolidator in the U.K., has announced plans to restructure its business and leave both the Cayman Islands, where it is registered, and Jersey, where the group is headquartered.

In its financial results for the first half of the year, Phoenix said it is seeking to simplify its group structure by establishing a new holding company in the U.K.

The current holding company structure was formed in 2009, when Phoenix Group Holdings was registered in the Cayman Islands and domiciled in Jersey.

“This structure is complex for our stakeholders and imposes additional burdens on our internal governance processes. As part of the ongoing Group simplification process, Phoenix intends to put in place a new U.K.-registered holding company for the Group in due course,” Phoenix said.

“This will provide Phoenix with a streamlined and cost-efficient internal governance structure as well as greater clarity for the Group’s stakeholders, including shareholders, debt investors and regulators.”

Earlier this year the company bought Embassy, AXA Wealth’s pension and investment business, and SunLife which offers protection to over 50-year olds.