Phoenix in talks to merge with Swiss Re unit The company's board confirmed it is in preliminary discussions about a tie-up that could see Swiss Re take a minority stake in Phoenix. There is no certainty that these discussions will lead to any transaction. Further statements will be made if and when appropriate," Phoenix said in a statement on Friday. Phoenix was formerly know as Pearl, which was founded by Mr Osmond. Phoenix, which was forced into a financial restructuring in 2009, buys and manages closed life insurance businesses that are in run-off. Earlier this year, Phoenix, which has a market value of about £1.5bn, said it was ready to consider acquisitions for the first time in two years after hammering out easier terms with banks. Sky News reported on Thursday that a deal between the two could be worth £3bn and would create a business with more than £100bn under management and close to 10m policy holders. Sir Howard Davies, the former head of the Financial Services Authority, is the Phoenix chairman. Shares in Phoenix, which has risen nearly 50pc in the past year, rose 4.4pc in early trading on Friday to 681.5p..