The Phoenix Companies, Hartford, is sending a letter dated April 21 announcing an agreement to settle a proxy contest.

Under the agreement, promptly following the May 2 annual meeting, Augustus Oliver, a principal of Oliver Press, and another new, independent director, Arthur Weinbach, Chairman of the Board of Broadridge Financial Solutions, Inc., will be appointed to the Phoenix Board of Directors. The size of the Board will be increased from 13 to 15 directors.

As a condition of the agreement, Oliver Press has ended its efforts to elect a slate of three nominees to the Phoenix Board and will vote its shares in support of the company’s slate of nominees. Votes for the Oliver Press nominees that were previously submitted on the white proxy cards will not be counted.

The letter is signed by Dona Young, chairman, president and CEO of Phoenix and Peter Browning, lead director and chair of the executive committee for the company.