Phoenix Names Executives to New Roles In Annuity and Alternative Products Distribution

The Phoenix Companies, Inc. (NYSE: PNX) today announced that Edward W. Cassidy, executive vice president, has been given additional responsibilities for Annuity Distribution and John F. Sharry, senior vice president, who previously led Annuity Distribution, assumes a new position as head of business development for Alternative Products. Both will report to Philip K. Polkinghorn, senior executive vice president and president, Life and Annuity.

“By giving Ed and Jack these new responsibilities we have the right leadership team to capitalize on the exciting opportunities in our growing annuity business and the new Alternative Products initiative,” Polkinghorn said. “Ed will help us find the best ways to leverage the success of our life insurance distribution to further build scale in the annuity business and Jack’s deep experience with investment and annuity product distribution and his contacts in the industry give us a solid foundation for our new Alternative Products business.”

In September, Phoenix announced the creation of the Alternative Products unit, which was formed to develop innovative ways to extend features of life insurance and annuities to other financial products to help meet the retirement income needs of investors. Sharry will work with Katherine Cody, senior vice president, Alternative Products.

Cassidy continues to lead Life Distribution, which includes regional wholesalers and national sales staff who support the sales efforts of independent financial advisors, and Operations Transformation, which created service teams aligned to the company’s distribution channels and implemented process improvement within those channels.

Cassidy joined Phoenix as senior vice president, life distribution, in 2006 from Principal Financial Group, where he was senior vice president, responsible for oversight of the individual life insurance business, including product development, marketing, underwriting and risk management. Prior to that, he spent 15 years at Travelers Life and Annuity
Company, serving in a variety of senior distribution positions and, ultimately, as president of Travelers Life Division. He was named executive vice president earlier this year. Cassidy
has a bachelor’s degree from the University of Pittsburgh.

As the head of Retirement Security for the past two years, Sharry led a team of sales and support professionals who offered innovative annuity products through all retail channels. He was also responsible for building strategic partnerships with retail distributors to offer retirement products and services.

Sharry has more than 20 years of investment sales, marketing and management experience. Prior to joining Phoenix in 1995 to lead asset management distribution, he was managing director, broker/dealer distribution at Putnam Investments and, earlier, first vice president, insurance and annuities at Morgan Stanley. During the time he directed Phoenix’s asset management distribution, he expanded and diversified Phoenix’s retail investment products to include managed accounts in addition to its core mutual fund business. He has a bachelor’s degree from the University of Connecticut.

Phoenix is a leader in the life insurance industry, with a distinguished record of industry firsts in product design and underwriting. The company’s underwriting capabilities can accommodate a range of customers and risk situations and address clients’ estate, business and retirement planning strategies. Phoenix also offers a complete suite of annuity products and offers expert technical analysis of complex annuity contracts to help customers own the right products to fit their unique needs.

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