James D. Wehr took over as president and CEO of the Phoenix Cos. Inc. in April. Last week, the company reported it lost $111.2 million in the second quarter, crippled by the cost of shedding businesses and employees.
The Hartford-based life insurer and financial services provider lost 96 cents a share in the three months ended June 30.
A year earlier, Phoenix earned $6.2 million, or 5 cents a share.
Wehr, serving his first full quarter as president and CEO, said earnings also were hurt by higher than usual universal life insurance claims.
