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EXHIBIT 99.2
[PHOENIX LOGO]
THE PHOENIX COMPANIES, INC. N E W S R E L E A S E
One American Row
PO Box 5056
Hartford CT 06102-5056
www.phoenixwm.com
FOR: IMMEDIATE RELEASE
CONTACT: MEDIA RELATIONS: JODY A. BERESIN 860-403-5714
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INVESTOR RELATIONS: PETER A. HOFMANN 860-403-7100
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PHOENIX ESTABLISHES SPECIAL PROCEDURES TO
RESPOND TO NEEDS OF CUSTOMERS AFFECTED BY SEPTEMBER
11 TERRORIST ATTACKS
HARTFORD, CT, SEPTEMBER 17, 2001 -- The Phoenix Companies, Inc., (PNX:NYSE)
announced today it established special procedures to respond to the needs of
customers affected by the September 11 terrorist attacks. The company continues
to be profoundly concerned about all those affected by these events and pledges
to handle claims quickly and efficiently while focusing on customers' personal
needs.
"A number of special procedures have been established to expedite claims review
and processing. We have additional expert staff available to handle claims
inquiries, and we have implemented procedures to be flexible and quick in
managing claims payment," said Dona D. Young, Phoenix president and chief
operating officer. "For example, due to the tragic nature of these events,
obtaining a death certificate may be very difficult. That is why we will not
require a death certificate to begin processing a claim related to the September
11 events. We will consider other forms of proof such as flight manifests,
verification of employment or statements from family or employers," she added.
To further expedite claims processing, Phoenix is waiving the requirement for a
copy of the original policy or a lost policy agreement. In addition, the company
will not deny any claims
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for the September 11 events based on "war" exclusions that may be found in its
life and annuity policies. Also, any policy applications submitted that had
death claims arising from the September 11 events will be honored in accordance
with the company's procedures, provided a premium payment was submitted with the
application.
According to Young, Phoenix has conducted a thorough business review, and as
stated previously, is well positioned to meet its financial obligations and to
continue on its course of growth.
"Our potential claims costs are not expected to have a material impact on our
financial strength. This is based on an examination of the information available
regarding the individuals that are unaccounted for as a result of these tragic
events and the fact that we reinsure the majority of our life insurance
exposure," said Young. Phoenix and its subsidiaries are not in several of the
businesses most impacted by events like these. For example, Phoenix does not
provide property and casualty insurance, and, in the past three years, has
exited the life reinsurance and group life and health businesses.
Due to mail delays, Phoenix also will allow an extra 30 days for premium
payments on all of its life insurance policies.
To contact The Phoenix Companies, Inc., you can call the following toll-free
numbers:
o To report an insurance claim, call 1-800-814-3692
o For other insurance customer service questions, call 1-800-628-1936
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The Phoenix Companies, Inc., (PNX:NYSE) is a leading provider of wealth
management products and services to individuals and institutions. Through a
variety of advisors and financial services firms, Phoenix helps the affluent and
high net worth accumulate, preserve and transfer their wealth with an innovative
portfolio of life insurance, annuity and investment management products and
services. With a history dating back to 1851, The Phoenix Companies, Inc., has
two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix
Investment Partners, Ltd., and offers trust services through another subsidiary,
Phoenix Charter Oak Trust Company. Phoenix has corporate offices in Hartford,
Conn. For more information on Phoenix, visit www.phoenixwm.com.
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This release contains statements which constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These include statements relating to trends in, or representing
management's beliefs about, the company's future strategies, operations and
financial results. Forward-looking statements are made based upon management's
current expectations and beliefs concerning trends and future developments and
their potential effects on the company. They are not guarantees of future
performance. Actual results may differ materially from those suggested by
forward-looking statements, as a result of risks and uncertainties which
include, among others: (i) changes in general economic conditions, including
changes in interest rates and the performance of financial markets; (ii)
heightened competition, including with respect to pricing, entry of new
competitors and the development of new products and services by new and existing
competitors; (iii) the company's primary reliance, as a holding company, on
dividends from its subsidiaries to meet debt payment obligations and the
applicable regulatory restrictions on the ability of the subsidiaries to pay
such dividends; (iv) regulatory, accounting or tax changes that may affect the
cost of, or demand for, the products or services of the company's subsidiaries;
(v) downgrades in the claims paying ability or financial strength ratings of the
company's subsidiaries; (vi) discrepancies between actual claims experience and
assumptions used in setting prices for the products of the company's insurance
subsidiaries and establishing the liabilities of such subsidiaries for future
policy benefits and claims relating to such products; (vii) movements in the
equity markets could affect our investment results including those from venture
capital, the fees we earn from assets under management and the demand for our
variable products; and (viii) other risks and uncertainties described from time
to time in the company's filings with the Securities and Exchange Commission.
The company specifically disclaims any obligation to update or revise any
forward-looking statement, whether as a result of new information, future
developments or otherwise.