Phoenix Reduces its Board from 15 to 11

HARTFORD, Conn.--(Business Wire)--
The Phoenix Companies, Inc. (NYSE:PNX) today announced that it has reduced the
size of its Board of Directors. As a result, four Phoenix board members stepped
down voluntarily, effective at end of business on November 6, bringing the
number of directors to 11 from 15.

Phoenix took this action to reflect its smaller size after the spin-off of its
asset management business, Virtus Investment Partners, Inc. (NASDAQ:VRTS), and
the impact of recent New York insurance legislation on its principal insurance
subsidiary, The Phoenix Life Insurance Company. Historically, the same members
have served on both the Phoenix and Phoenix Life boards. Phoenix Life amended
its charter to reduce its minimum board size from 13 to 7.

"The change to our board`s size is a natural extension of our drive to lower
expenses in all areas as much as to maintain alignment between the Phoenix and
Phoenix Life boards after the change in New York state insurance law," said
Thomas S. Johnson, chairman of the board, The Phoenix Companies, Inc., and
retired chairman and chief executive officer, GreenPoint Financial Corporation.
"We will miss the four directors who are leaving and appreciate their
outstanding contributions to the company during particularly challenging times."

The four directors who are leaving are:

* Sal H. Alfiero, former chairman and chief executive officer, Protective
Industries, LLC;
* Jean S. Blackwell, Esq., executive vice president of Corporate Responsibility,
Cummins Inc.;
* Peter C. Browning, former Dean, The McColl Graduate School of Business, Queens
University of Charlotte; and
* John E. Haire, chairman and chief executive officer of Parade Publications.

As a result of these resignations, the board appointed Arthur F. Weinbach as
chairman of the Audit Committee and one of the board`s financial experts, and
Sanford Cloud, Jr. as the chairman of the Compensation Committee. As committee
chairs, Mr. Weinbach and Mr. Cloud also become members of the Executive
Committee.

ABOUT PHOENIX

Dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) provides financial
solutions using life insurance and annuities, with particular expertise in the
high-net-worth and affluent market. In 2008, Phoenix had annual revenues of $2.0
billion and total assets of $25.8 billion. Phoenix is headquartered in Hartford,
Connecticut, and Phoenix Life Insurance Company is domiciled in and regulated by
the State of New York. For more information, visit www.phoenixwm.com.

Media Relations
Alice S. Ericson, 860-403-5946
alice.ericson@phoenixwm.com
or
Investor Relations
Naomi Baline Kleinman, 860-403-7100
pnx.ir@phoenixwm.com

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