British life insurer Phoenix
Phoenix added in a statement on Monday that it would provide a further update on the situation no later than 28 days from now.
Phoenix, formerly known as Pearl, has been hampered by a heavy debt burden taken on to finance the 5 billion pound acquisition in 2007 of a portfolio of closed life funds put together by Resolution's founder, Clive Cowdery.
Last year, rival insurer Resolution
CVC's move for Phoenix comes amid increased private equity interest in the sector, with Cinven having paid 275 million pounds for Aegon's
(Reporting by Sudip Kar-Gupta; Editing by Hans-Juergen Peters)