As Phoenix Cos. posted its fifth straight net loss in the third quarter, the U.S. life insurer said it formed a distribution company, which inked a deal with financial services firm Edward Jones to provide life insurance consulting services.

The formation of Saybrus Partners, the distribution company, is "very good news" for Phoenix because it's one of the ways the company is taking its existing capabilities and applying them in new ways, said Alice Ericson, a spokeswoman for Phoenix (NYSE: PNX).