PHL Variable was operated as a virtual company by its owner NassauRe. After being placed in rehabilitation, an effort to sell the company was unsuccessful, and they are currently in the pre-liquidation planning phase.

As of December 31, 2025:

• PHL had over 62,000 life policies and annuity contracts; approximately 1,400 owned by Wisconsin residents.
• To maintain eligibility for policy benefits and continuation, you are required to keep your policy in-force.
• Wisconsin Insurance Security Fund is following developments.
  • In the event, the Security Fund is activated, it would be for policy continuation and coverage for Wisconsin residents that have in-force policies on the liquidation date.
  • The Security Fund will directly contact Wisconsin policyholders regarding policy continuation and coverage.