( January 8, 2026, 9:14 AM EST) -- WATERBURY, Conn. — The rehabilitator for PHL Variable Insurance Co. reported in a Connecticut state court that PHL cannot be rehabilitated through its own assets, that all blocks of business are “materially impaired” and that any resolution will require an order of liquidation to trigger guaranty association coverage, while stating that he is seeking to pair a liquidation order with a transaction to preserve limited ongoing benefits for policyholders....