Hartford, Conn., July 9, 2015 –The Phoenix Companies, Inc. (NYSE: PNX) (“Phoenix”) issued the following statement in response to Standard & Poor’s (“S&P”) placing its long-term counterparty credit rating and the financial strength ratings of Phoenix Life Insurance Company (“PLIC”) and PHL Variable Insurance Company (“PHL Variable”) on CreditWatch:
“S&P’s announcement today follows our recently executed reinsurance treaty and disclosed expectation to de-stack our insurance company subsidiaries. The pending de-stacking results from discussions with the company’s regulators related to the reinsurance treaty. The reinsurance treaty provides significant capital enhancements to both PLIC and PHL Variable. As S&P evaluates the de-stacking, we will provide information necessary for it to assess and rate Phoenix. We continue to believe the reinsurance treaty and de-stacking will create a more streamlined regulatory structure and further strengthen the enterprise.”
Hartford, Conn., July 7, 2015 – The Phoenix Companies, Inc. (NYSE:PNX) today announced that Gina Collopy O’Connell, senior vice president, has been named chief risk officer. She will be responsible for overall leadership and direction for enterprise risk management and will report to James D. Wehr, president and chief executive officer. She will succeed Mark Griffin, who is resigning from the company effective July 17, 2015.
“Gina has been with Phoenix for 30 years and played key roles in a number of corporate and business functions. A seasoned actuary with a breadth of operational and product experience, she has been very involved with managing operational and litigation risk and is a natural fit to lead enterprise risk management,” Mr. Wehr said.
Hartford, Conn., July 6, 2015 – The Connecticut Insurance and Financial Services Cluster’s (CT IFS) Actuarial Boot Camp, an interactive one-week immersion in the actuarial profession for high school seniors and college freshmen, will be hosted in 2015 by The Phoenix Companies, Inc. Now in its seventh year, the Boot Camp will run two sessions, July 13-17 and July 27-31, at Phoenix’s corporate headquarters in Hartford.
Hartford, Conn., July 6, 2015 –The Phoenix Companies, Inc. (NYSE: PNX) (“Phoenix”) today announced that it executed a previously disclosed intercompany reinsurance treaty between two of its subsidiaries, Phoenix Life Insurance Company (“PLIC”) and PHL Variable Insurance Company (“PHL Variable”), effective June 30, 2015, after receiving regulatory approval. Phoenix also announced that it expects to de-stack its insurance company subsidiaries by July 31, 2015.
Under the reinsurance treaty, PLIC will retrocede to PHL Variable on a modified coinsurance basis, policy liabilities of a block of corporate-owned life insurance policies. Phoenix confirmed that it expects the treaty to favorably impact statutory surplus and risk-based capital ratios for both subsidiaries and said it will provide more details on the impact with second quarter 2015 financial results.
Hartford, Conn., June 22, 2015 –Saybrus Partners, Inc. today announced that Moira Lowe, J.D., principal and president of Saybrus Equity Services, Inc., has been named chief administrative officer in addition to her existing roles. She oversees all legal, compliance, marketing, human resources, metrics/reporting and finance functions for Saybrus Partners and reports to Edward Cassidy, managing principal.