Phoenix Companies Inc. has cut the number of directors on its board to 11, from 15.

Phoenix, Hartford, (NYSE:PNX) says it took the step in part to cut expenses; in part because the recent spin-off of the asset management business makes the company a smaller company; and in part because of the effect of recent New York state insurance legislation that led Phoenix to reduce the size of the board of the Phoenix Life Insurance Company subsidiary to 7, from 13.

In the past, the Phoenix Companies holding company board has been the same size as the Phoenix Life board, Phoenix says.