Phoenix Launches Life Settlements Origination In Partnership with Four Brokerage General Agents

Program focuses on enhanced client value, transparency on fees.

     Hartford, CT, April 1, 2008 -- The Phoenix Companies, Inc. (NYSE: PNX) today announced that through its subsidiary, Phoenix Life Solutions, it will enter the life insurance settlements business with a focus on customer value and full transparency on commissions and fees.

     Phoenix Life Solutions will work with four prominent brokerage general agencies (BGAs) across the country to originate life settlements, or purchase unwanted or unneeded life insurance policies from policy owners in exchange for an immediate cash settlement. They are: Advanced Planning Services of San Diego, American Brokerage Services of Wyndmoor, Penn., Ash Brokerage of Fort Wayne, Ind., and Madison Brokerage of Morristown, N.J.

     "We established Phoenix Life Solutions with an emphasis on integrity, transparency and efficiency in the settlement origination business," said Dona D. Young, chairman, president and chief executive officer of Phoenix. "We want customers to know they're getting a fair settlement offer, and we want to reassure investors that the underlying policies in their settlement portfolios were settled properly. For more than 155 years, Phoenix has been an innovative leader in the life insurance industry, and we're excited to bring that same dedication to the life settlement business now."

      John K. Hillman, president and chief executive officer of Phoenix Life Solutions, said, "We're literally changing the world of life settlements by bringing a new level of discipline, disclosure and consumer alignment to the market, and we're fortunate to have as partners the four BGAs who share this commitment."

     "It's time for the life insurance industry to step forward and recognize that life settlements can offer consumers numerous advantages, including increased flexibility with their personal assets, as long as they are done right," said Philip K. Polkinghorn, senior executive vice president and president of Life and Annuity. "Phoenix Life Solutions leverages Phoenix's knowledge of the high-net-worth and affluent markets, our expertise in mortality and risk management, and our ability to be a partner of choice with firms that want to be involved in a new equation for the life settlement business."

     Hillman noted that, unlike many settlement companies currently operating in the market, Phoenix Life Solutions will operate with total transparency in the process through contracts that spell out compensation and provider fees as a percentage of the value that is created for the client.

     "Too many settlement companies and brokers are making more money from these transactions than the clients," Hillman said. "That is contrary to our goal of getting the best value for the policyholders, who are typically people over age 70 that need the economic value of the policy as a source for retirement income or to pay for health care or other more immediate needs."

     Phoenix Life Solutions will also adhere to strict industry standards and settle only those policies that were purchased with a legitimate insurance need, not "investor-initiated" policies.

     Phoenix Life Solutions was founded in 2007 to develop new ways to meet the evolving needs of high-net-worth customers who may wish to monetize their life insurance policies and to help institutional investors achieve more stable and reliable returns from life settlement portfolios.

     With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. The company's products and services reflect deep insights into the wants and needs of consumers and financial professionals gleaned from research, including its Phoenix Wealth Survey, conducted annually since 2000. Phoenix has been recognized for its people-friendly programs by Working Mother magazine, the National Association of Female Executives and The Princeton Review. In 2006, Phoenix had annual revenues of $2.6 billion and total assets of $29.0 billion. For more information, visit www.phoenixwm.com.