( September 29, 2026, 2:19 PM EDT) -- NEW HAVEN, Conn. — Three life insurance trusts filed a putative class action complaint in a Connecticut federal court alleging that private equity owners acquired PHL Variable Insurance Co. after promising regulators and policyholders they would preserve and strengthen it, but instead diverted assets through a stranger-originated life insurance (STOLI) buyback program and captive reinsurance arrangements, concealed the insurer’s deteriorating financial condition and ultimately left policyholders subject to a $300,000 death benefit cap....