Phoenix still in talks with CVC

Life insurer Phoenix remains in talks with CVC Capital Partners over a possible takeover of the company, prolonging discussions which began last November but which have been hampered by debt issues.

Phoenix added that it would provide a further update on the situation no later than 28 days from now. The firm, formerly known as Pearl, has been hampered by heavy debt taken on to finance the £5 billion acquisition in 2007 of a portfolio of closed life funds put together by Resolution’s founder, Clive Cowdery.