The Phoenix Cos. Inc. is a major life insurer and variable annuity provider. It recently became a holding company so that it could acquire American Sterling Bank, making it qualified to receive money from the government's financial rescue program. Phoenix pledged to recapitalize the troubled thrift. The company has been focused on strengthening its balance sheet and cutting costs.
That wasn't the only major move Phoenix has made recently. Phoenix also spun off its mutual funds business, formerly Phoenix Investment Partners, Ltd., now called Virtus Investment Partners, into a separate, publicly traded firm.
Phoenix is based in Hartford, Conn., and serves both institutional and private clients. It was founded in the 1800s as the American Temperance Life Insurance Co.
As an employer, The Phoenix Cos. Inc. says it values "flexibility" as one of its core principles. And the company has a full trophy case to back up this claim: In 2008, Phoenix was named to Working Mother magazine's 100 Best Companies to Work For for the 17th straight year.