Sep. 8, 2009 (Business Wire) -- James D. Wehr, president and chief executive officer of The Phoenix Companies, Inc. (NYSE: PNX), issues the following statement regarding Moody’s announcement today about The Phoenix Companies, Inc.:

“We respectfully disagree with Moody’s action. However, given the environment in which rating agencies are now operating, we are not surprised by it. Phoenix is a work in progress and we are making progress. We are committed to maintaining a healthy balance sheet and policyholder security, while we reduce expenses and pursue a new business strategy that recognizes the realities of these ratings. We remain confident that we will succeed in re-positioning Phoenix.”

ABOUT PHOENIX

With a history 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. More detailed financial information can be found in Phoenix’s financial supplement for the second quarter of 2009, which is available on Phoenix’s Web site, www.phoenixwm.com, in the Investor Relations section.