The Phoenix Companies
Encyclopedia
The Phoenix Companies, Inc. is a publicly traded financial services company that traces its origins to 1851.
Phoenix is headquartered in Hartford, Connecticut
and had approximately 1,100 employees as of the end of 2008. Phoenix remains one of the few insurance companies to keep its headquarters in Hartford.
began to wane American Temperance Life Insurance Company changed its name to Phoenix Mutual Life Insurance Company in 1860, accepting all customers. The company's new name is in reference to the mythological Phoenix, rather than the city.
In 1860, another early predecessor, the Home Life Insurance Company is formed in Brooklyn, New York and was the first life insurer authorized by the New York Insurance Department.
In 1894, Home Life built a new 16-story headquarters on Broadway
in New York City, which as one of the world's first steel-framed skyscrapers for a short time was the world's tallest building.
advertising. In 1923, Phoenix created the first advertisement to promote the value of life insurance and then in 1926, runs advertisements for its retirement income plan in national magazines, with the tag line, "You don't have to be rich to retire at 55 on $200 a month."
Phoenix pioneered other innovations including offerin reduced life insurance premium rates for women for the first time in 1955 and selling group life and health insurance plans to small businesses in 1957. In 1967, Phoenix is the first insurer to offer discounted premiums to nonsmokers.
In 1995, Phoenix merged its asset management subsidiary, Phoenix Securities Group, with Duff & Phelps, forming Phoenix Duff & Phelps Corporation (later renamed Phoenix Investment Partners), which was publicly held for five years.
In 2001, Phoenix converted from a mutual to a stock company. The company is renamed The Phoenix Companies, Inc. and listed on the New York Stock Exchange
under the symbol of PNX. At the same time Phoenix Home Life Mutual Insurance Company changed its name to Phoenix Life Insurance Company.
In 2008, Phoenix spun off its asset management subsidiary to shareholders as an independent publicly traded company renamed Virtus Investment Partners .
Phoenix is headquartered in Hartford, Connecticut
Hartford, Connecticut
Hartford is the capital of the U.S. state of Connecticut. The seat of Hartford County until Connecticut disbanded county government in 1960, it is the second most populous city on New England's largest river, the Connecticut River. As of the 2010 Census, Hartford's population was 124,775, making...
and had approximately 1,100 employees as of the end of 2008. Phoenix remains one of the few insurance companies to keep its headquarters in Hartford.
History
The Phoenix Companies comprises a number of businesses that trace their origins to the mid-19th Century.19th Century
In 1851, the oldest predecessor of The Phoenix Companies, The American Temperance Life Insurance Company is founded. The American Temperance Life Insurance Company was a part-mutual, part-stock company that insured only those who abstained from alcohol and was founded by a group of prominent Hartford businessmen as well as religious and civic leaders. As the temperance movementTemperance movement
A temperance movement is a social movement urging reduced use of alcoholic beverages. Temperance movements may criticize excessive alcohol use, promote complete abstinence , or pressure the government to enact anti-alcohol legislation or complete prohibition of alcohol.-Temperance movement by...
began to wane American Temperance Life Insurance Company changed its name to Phoenix Mutual Life Insurance Company in 1860, accepting all customers. The company's new name is in reference to the mythological Phoenix, rather than the city.
In 1860, another early predecessor, the Home Life Insurance Company is formed in Brooklyn, New York and was the first life insurer authorized by the New York Insurance Department.
In 1894, Home Life built a new 16-story headquarters on Broadway
Broadway (New York City)
Broadway is a prominent avenue in New York City, United States, which runs through the full length of the borough of Manhattan and continues northward through the Bronx borough before terminating in Westchester County, New York. It is the oldest north–south main thoroughfare in the city, dating to...
in New York City, which as one of the world's first steel-framed skyscrapers for a short time was the world's tallest building.
20th Century
In the early 20th century, the company pioneered several innovations in the marketing of insurance. In 1901, Phoenix published The Field, believed to be the first agent newsletter and in 1906 produced "A Prospectus and Ten Lessons Upon Life Insurance," the first agent training course used by a life insurance company. In 1912, Phoenix became the first life insurance company to use direct mailDirect mail
Advertising mail, also known as direct mail, junk mail, or admail, is the delivery of advertising material to recipients of postal mail. The delivery of advertising mail forms a large and growing service for many postal services, and direct-mail marketing forms a significant portion of the direct...
advertising. In 1923, Phoenix created the first advertisement to promote the value of life insurance and then in 1926, runs advertisements for its retirement income plan in national magazines, with the tag line, "You don't have to be rich to retire at 55 on $200 a month."
Phoenix pioneered other innovations including offerin reduced life insurance premium rates for women for the first time in 1955 and selling group life and health insurance plans to small businesses in 1957. In 1967, Phoenix is the first insurer to offer discounted premiums to nonsmokers.
Since 1992
Phoenix and Home Life completed a merger in 1992 to creat the Phoenix Home Life Mutual Insurance Company. At the time of the merger, the combined company would become the 13th-largest mutual life insurance company in the U.S., with assets of nearly $11 billion. The combined company was headquartered in Hartford, where Phoenix was based and the bulk of the senior management of the company came from the Phoenix side of the merger.In 1995, Phoenix merged its asset management subsidiary, Phoenix Securities Group, with Duff & Phelps, forming Phoenix Duff & Phelps Corporation (later renamed Phoenix Investment Partners), which was publicly held for five years.
In 2001, Phoenix converted from a mutual to a stock company. The company is renamed The Phoenix Companies, Inc. and listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
under the symbol of PNX. At the same time Phoenix Home Life Mutual Insurance Company changed its name to Phoenix Life Insurance Company.
In 2008, Phoenix spun off its asset management subsidiary to shareholders as an independent publicly traded company renamed Virtus Investment Partners .
External links
- The Phoenix Companies (company website)