Hartford-based The Phoenix Cos. Inc. has been acquired by Nassau Reinsurance Group Holdings LP.

The acquisition finalized following insurance regulatory approvals from the Connecticut Insurance Department and the New York State Department of Financial Services.

The company is now a privately held, wholly owned subsidiary of Nassau Re, serving as its U.S. life and annuity platform.

As part of the transaction, Nassau Re contributed $100 million of new equity capital into Phoenix at closing. Additionally, Nassau Re funded $80 million of new equity capital to Nassau Re’s reinsurance affiliate related to a reinsurance agreement between this affiliate and PHL Variable Insurance Co., one of Phoenix’s operating subsidiaries.

Phillip J. Gass, Nassau Re’s CEO, will also serve as Phoenix’s CEO, effective immediately. James D. Wehr, who has served as Phoenix’s president and CEO since 2009, is retiring effective July 1, 2016. Wehr joined Phoenix in 1981 and was CIO prior to being named CEO.