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Phoenix Continues Shift Toward Mid Market

By Trevor Thomas

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The Phoenix Companies Inc. is bringing out new lines of indexed annuities as part of a move to focus on the middle market.

Phoenix, Hartford (NYSE:PNX), once known for catering to affluent consumers, wants to take advantage of growth in demand for indexed annuities, says Philip Polkinghorn, a senior executive vice president at the company.

The company’s new indexed annuity line includes a single-premium indexed product that features a guaranteed income rider and a family wealth transfer rider.

Each differs in crediting methods for the variable feature as well as in the mode of distribution, Polkinghorn says.

One contract is being sold by a few dozen independent producer companies, and the other is being sold exclusively through a group of independents operating as the AltiSure Group L.L.C., Thousand Oaks, Calif.

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