Phoenix Mutual

Phoenix Mutual Life Insurance Company began in Hartford, Connecticut in the 1850s as the American Temperance Life Insurance Company and later adopted the Phoenix name, operating as a mutual for more than a century.[1] In the early 2000s, the organization demutualized and reorganized into a publicly traded holding company (The Phoenix Companies), reflecting a broader industry trend toward accessing capital markets and competing in variable and retirement products.[1] The 2008 financial crisis and the prolonged low-interest-rate environment that followed put pressure on many life and annuity writers, because insurers typically invest premiums in long-duration bonds to back long-term guarantees. In that context, Phoenix shifted toward managing its in-force business and capital structure. Nassau Financial Group's history describes how Nassau acquired The Phoenix Companies in 2016, positioning Phoenix within a platform focused on long-duration liabilities and disciplined asset-liability management.[2] Across these transitions, Phoenix maintained a heritage in life insurance and annuities, but its strategic opportunity increasingly centered on efficient administration and balance-sheet management rather than rapid new-policy growth.[1][2] Like peers, Phoenix uses reinsurance as part of its risk toolkit, although high-level public histories emphasize ownership changes more than specific reinsurance partners.[1][2]

Sources: [1] https://en.wikipedia.org/wiki/The_Phoenix_Companies (Wikipedia: The Phoenix Companies) ; [2] https://www.nassaufinancialgroup.com/history (Nassau Financial Group - History)