Nov. 3, 2009 (Business Wire) -- The Phoenix Companies, Inc. (NYSE:PNX) today announced that it has formed a distribution company, Saybrus PartnersSM, Inc., and that Saybrus has an agreement with financial services firm Edward Jones to provide life insurance consulting services to the firm's financial advisors.
Phoenix formed Saybrus as part of a series of actions to strengthen its market position and strategy. Saybrus provides dedicated consultation services to partner companies, as well as support for Phoenix’s product line within its own distribution channels.
“Establishing Saybrus is an important first step in executing our growth strategy, which includes leveraging our existing capabilities in innovative ways. Through Saybrus, we can leverage our exceptional life insurance expertise, our solutions-based approach, and our proven ability to support financial advisors,” said James D. Wehr, president and chief executive officer of Phoenix.
Saybrus’ wealth management consultants will work with more than 11,700 Edward Jones financial advisors, helping them match insurance products to meet their clients' needs. The initial three-year agreement focuses Saybrus consultants on two new insurance carriers in the Edward Jones retail distribution network, John Hancock Life Insurance Company (U.S.A.) and Pacific Life Insurance Company, both of which have a selling agreement with Edward Jones.
Edward W. Cassidy, Phoenix’s executive vice president of distribution, was named managing principal of Saybrus. He said, “Saybrus is well-positioned to provide companies like Edward Jones with a comprehensive and effective sales organization that has both wholesaling and ‘assisted sales’ expertise.
“We are delighted to partner with one of the most widely and highly respected financial services firms in the industry to give them one-on-one support to help their financial advisors solve their clients’ insurance needs,” Mr. Cassidy said.
Merry Mosbacher, a principal responsible for insurance marketing at Edward Jones, said, “Life insurance is a foundational need of our clients, which is why we are expanding our offerings. Our agreement with Saybrus will enhance our ability to serve our clients by bringing them proven life insurance strategies customized for their individual needs to help in reaching their financial goals.”
ABOUT PHOENIX
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. It is headquartered in Hartford, Connecticut. For more information, visit www.phoenixwm.com.
ABOUT SAYBRUS
Saybrus Partners, Inc.
