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THE PHOENIX AND HOME LIFE COMPLETE MERGER PROCESS

 THE PHOENIX AND HOME LIFE COMPLETE MERGER PROCESS
 NEW YORK, July 1 /PRNewswire/ -- The merger agreement between The


Phoenix and Home Life was filed today in New York County and Rensselaer County finalizing the merger of the two companies. The new company, Phoenix Home Life Mutual Insurance Company, will be subject to regulation by the State of New York. The company will have a principal office in Albany, N.Y. and headquarters in Hartford, Conn.
 An agreement to merge was announced by the two companies' boards of directors on Dec. 16, 1991. On May 21, 1992, 96 percent of all voting policyholders approved the merger. The Insurance Departments of Connecticut and New York granted their approvals on March 27 and June 17, respectively.
 "This is the first merger between two major mutual life insurance companies," said John Gummere, chairman and chief executive officer of Phoenix Home Life. "This merger has combined the best of our companies' resources and cut annual expenses by $70 million. Our strategic advantage over our competitors has been strengthened enabling us to provide even greater value to our policyholders."
 "We'd like to applaud the efforts of all those who worked so hard and so quickly in putting this merger together," said William B. Wallace, vice chairman and chief operating officer. "The merger process was completed in only six months and proceeded very smoothly. We have excellent people running our operations who put the best interests of policyholders first and displayed the spirit of teamwork and cooperation every step of the way."
 Phoenix Home Life offers its policyholders and customers individual and group life insurance, a vast array of group health benefits, annuities, mutual funds, asset management and pension and retirement services.
 The company has assets under management of $16 billion; almost $600 million in capital; more than $100 billion life insurance in-force and more than 700,000 policies in-force. It is the 12th largest mutual life insurance company and ranks among the nation's 30 largest insurers.
 -0- 7/1/92
 /CONTACT: Jo-Anne Leventhal, 203-275-5359, or Geraldine O'Brien, 908-980-8640, of Phoenix Home Life Mutual Insurance, or Catherine Marcus, 212-371-5999, for Phoenix Home Life Mutual Insurance/ CO: The Phoenix; Home Life; Phoenix Home Life Mutual Insurance Company ST: New York, Connecticut IN: INS SU: TNM


LR -- NY060 -- 5647 07/01/92 11:27 EDT
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Publication:PR Newswire
Date:Jul 1, 1992
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