Montco financial services firm sold

A Montgomery County company that sells annuities and specialized insurance policies to the wealthy is being sold. The Phoenix Cos. Inc., Hartford, Conn., said it agreed to sell PFG Holdings Inc., which employs 29 in Plymouth Meeting and has $4 billion under management, to Tiptree Financial Partners L.P. of New York. The price was not disclosed. In the third quarter, Phoenix wrote off $27 million in goodwill related to PFG, which it took control of in 1999 and purchased completely in 2003. PFG, whose operations include Philadelphia Financial Group Inc. and AGL Life Assurance Co., traces its roots to a company founded here in 1971. Tiptree, which raised $134 million in 2007, is managed by Tracadia Capital Management, a New York firm that oversees $8.3 billion. Current management and employees are expected to remain at PFG.