Exclusive: Insurer Phoenix Companies hires banks for sale: sources

NEW YORK Wed Jul 30, 2014 1:56pm EDT

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NEW YORK (Reuters) - Troubled life insurer and annuity provider The Phoenix Companies Inc (PNX.N) has hired investment banks Goldman Sachs Group Inc (GS.N) and Sandler O'Neill and Partners to explore a sale, according to people familiar with the matter.

The Hartford, Connecticut-based insurance holding company, with a market capitalization of around $271 million, launched its sale process earlier this month, contacting potential buyers, the people said.

Representatives from Phoenix, Goldman Sachs and Sandler O'Neill declined to comment.

(Reporting By Mike Stone in New York)