Exhibit 99.1


[PHOENIX LOGO]

     The Phoenix Companies, Inc.                 N  E  W  S    R  E  L  E  A S E
     One American Row
     PO Box 5056
     Hartford CT 06102-5056
     www.phoenixwm.com
     -----------------------


     For:  Immediate Release

     Contact:  Media Relations:     Jon Sandberg  860-403-5066
               Investor Relations:  Peter A. Hofmann  860-403-7100

              The Phoenix Companies, Inc. Prices Equity Units Offer

HARTFORD, Conn. - December 16, 2002 - The Phoenix Companies, Inc. (NYSE: PNX)
today announced that it had priced an offering of $150 million of equity units,
increased from the original $130 million. This offering consists of 6 million
equity units, each with a stated amount of $25. The offering will increase to
approximately 6.9 million equity units if the underwriters exercise their
overallotment option in full.

     Each equity unit includes a purchase contract under which the buyer will
agree to purchase shares of Phoenix's common stock on February 16, 2006. Each
equity unit also contains a subordinated note due 2008 with a face amount of
$25.

     Phoenix will use $125 million of the net proceeds of this offering to repay
outstanding indebtedness under its credit facility and will use any remaining
proceeds for general corporate purposes.

     The joint book-running managers of the offering are Merrill Lynch & Co. and
Morgan Stanley. Copies of the prospectus supplement relating to this offering
may be obtained from the lead underwriters: Merrill Lynch & Co., Prospectus
Department, 4 World Financial Center, New York, New York 10080, and Morgan
Stanley, Prospectus Department, 1585 Broadway, New York, New York 10036.

     This news release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any such sale of these securities in any
state or jurisdiction in which such





offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.

     The Phoenix Companies, Inc. is a leading provider of wealth management
products and services to individuals and institutions. Through a variety of
advisors and financial services firms, Phoenix helps the affluent and high net
worth market accumulate, preserve and transfer their wealth with an innovative
portfolio of life insurance, annuity and investment management products and
services. Phoenix has corporate offices in Hartford, Connecticut.

                                       ###