Phoenix Home Life Board Looks at Demutualization.Phoenix Home Life Mutual Insurance Co.'s board has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: management to develop a plan to convert to a publicly traded stock company. Hartford Hartford, city (1990 pop. 139,739), state capital, Hartford co., central Conn., on the west bank of the Connecticut River; settled as Newtown 1635–36 on the site of a Dutch trading post (1633; abandoned 1654), inc. 1784. , Conn.-based Phoenix serves high-net-worth consumers through sales of annuities, insurance, investments and trusts. The insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. plans to use the money generated through a demutualization Demutualization The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation. Notes: This means mutual/life insurance companies convert from policyholder companies to stock companies. to aggresively pursue growth in the wealth-management market. In a demutualization, eligible policyholders would receive 100% of the company's value. It would be distributed in the form of common stock, cash or enhanced policy values. Phoenix will also offer common stock for sale through an initial public offering. |
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