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October 13, 2015 4:10 AM ET


Company Overview of PHL Variable Insurance Co

Company Overview

PHL Variable Insurance Company provides life insurance and annuity products to affluent and middle market consumers in the United States. It offers fixed indexed, fixed, single premium immediate, and variable annuities with death, accumulation, withdrawal, and income benefits; and universal, indexed universal, and variable universal life insurance products. PHL Variable Insurance Company markets its products through independent agents and financial advisors. The company was incorporated in 1981 and is headquartered in Hartford, Connecticut. PHL Variable Insurance Company is a subsidiary of PM Holdings, Inc.

One American Row

Hartford, CT 06102

United States

Founded in 1981



Key Executives for PHL Variable Insurance Co

Principal Executive Officer, President, Chief Investment Officer, Director and Chairman of Investment Policy Committee
Age: 58
Chief Financial Officer and Executive Vice President
Age: 54
Vice President, Counsel and Assistant Secretary
Senior Vice President, Corporate Portfolio Manager and Director
Age: 58
Compensation as of Fiscal Year 2015.

PHL Variable Insurance Co Key Developments

Fortress Intermediary Settles Cost-Of-Insurance, Breach-Of-Contract Lawsuits Against PHL Variable Insurance Co

A securities intermediary for a Fortress Investment Group LLC affiliate has settled two lawsuits against PHL Variable Insurance Co., including one contesting cost-of-insurance rate increases that it contends has cost $3.6 million and an additional $11.6 million loss in value. An agreement was reached to settle the COI case Sept. 17, between U.S. Bank National Association, securities intermediary for Fortress affiliate Lima Acquisition LP, and PHL. They have 10 days to submit papers to Judge Colleen McMahon of U.S. District Court in Manhattan documenting the settlement. The bank filed suit in the COI case in November 2011 in a California federal court. It was transferred to the New York court in September 2012. Fortress had not joined a $134.8 million class-action settlement of the COI issue between other life settlement investors and Phoenix Cos. (PNX) that was approved Sept. 9 by Judge McMahon. PHL is a subsidiary of Phoenix. Market players accused Phoenix of discriminating against investors by raising COI rates in 2010 and 2011. They charged that the insurer unfairly targeted them because they optimize, or pay minimum amounts of premiums, to keep universal life policies in force. Hartford, Conn.-based Phoenix has denied the allegations, telling the Securities and Exchange Commission in a May filing that it was settling the class-action case to avoid further legal fees.

PHL Variable Insurance Co Announces Auditor Change

On June 8, 2015, PHL Variable Insurance Company dismissed PricewaterhouseCoopers LLP as its principal independent registered public accounting firm, effective June 11, 2015, and appointed KPMG LLP as its new principal independent registered public accounting firm concurrent with the dismissal of PwC.

Phoenix Life Insurance Company and PHL Variable Insurance Company Execute the Settlement Agreement with the Plaintiffs

The Phoenix Companies Inc. announced that two Phoenix subsidiaries executed a settlement agreement memorializing and formalizing the terms of a settlement announced on May 1, 2015 resolving class actions relating to cost of insurance rate adjustments made on certain policies in 2010 and 2011. Phoenix Life Insurance Company and PHL Variable Insurance Company executed the settlement agreement with the plaintiffs on May 29, 2015. It was filed with the United States District Court for the Southern District of New York and remains subject to court approval.

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