Conseco

Conseco
Conseco
Type Public
Founded 1979
Headquarters Carmel, Indiana
Products Insurance
Revenue $4.5 billion USD (2007)
Website www.conseco.com

Conseco (NYSECNO), originally Security Life of Indiana, is a financial services organization based in Carmel, Indiana. Conseco's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than 4 million customers in the United States. These products are distributed through independent agents, career agents and direct to customers through television advertising and direct mail.

Conseco is currently ranked 503 on the Fortune 1000 with 2007 revenues of $4.5 billion.

History

Conseco was incorporated in 1979, began insurance operations in 1982 and became a public company in 1985.

In 1986 Conseco acquired Lincoln Income Life Insurance Company for $29 per share or $32.3 mil. Shearson Lehman Brothers advised Lincoln Income Life Insurance. Earlier, in mid 1985, Lincoln had agreed to be acquired by I.C.H.[1] for $31 per share in cash but the merger couldn't be consummated as the Kentucky Department of Insurance raised objections to certain expenses which Lincoln would have incurred in the merger. Lincoln also received a merger proposal from Redgate in 1985. Satisfied with its recipe for acquiring and improving insurance companies, Conseco stepped up its acquisition efforts in 1986. It purchased Bankers National Life Insurance Company for $118 million, respectively.

In 1998, Conseco purchased the former Greentree Financial, one of the largest financiers of mobile homes, in an attempt to diversify into consumer financial services. They also bought life insurance company Colonial Penn later that year, changing their name to Conseco Direct Life, though changing the name back to Colonial Penn in 2001 (known as Banker's Conseco Life Insurance Company in New York state). Conseco (though not its subsidiary insurance companies) entered Chapter 11 reorganization in 2002 and emerged nine months later in 2003. The third-largest U.S. Chapter 11 filing, after WorldCom Inc. and Enron Corp.[2] In the process of reorganization, GreenTree was divested and Conseco is now solely focused on the insurance industry.

C. James Prieur, Conseco's CEO, joined the company on 7 September 2006, and also became a member of Conseco's board of directors. Prieur was the president and chief operating officer at Sun Life Financial prior to accepting the position at Conseco.

Conseco is the parent company of seven insurance companies, including Bankers Life and Casualty Company and Colonial Penn Life Insurance Company. Conseco also owns 40/86 Advisors, an investment management company.

On May 11, 2010, the board of directors officially approved changing the holding company's name to CNO Financial Group.

References

External links


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  • Conseco Fieldhouse — Location 125 S. Pennsylvania St, Indianapolis, Indiana, USA 46204 …   Wikipedia

  • Conseco Fieldhouse — Généralités Adresse 125 S. Pennsylvania Street Indianapolis, IN 46204 …   Wikipédia en Français

  • Conseco Fieldhouse — Localización 125 S. Pennsylvania St. Indianápolis, Indiana 46204 …   Wikipedia Español

  • Conseco Fieldhouse — Das Conseco Fieldhouse in Indianapo …   Deutsch Wikipedia

  • Conseco — n. American corporation headquartered in Indiana, provider of insurance and financial services …   English contemporary dictionary

  • Conseco Fieldhouse —  Indianapolis; home of the Indiana Pacers basketball team …   Bryson’s dictionary for writers and editors

  • CNC PF — Conseco, Inc. Preferred F (Business » NYSE Symbols) …   Abbreviations dictionary

  • CNC PG — Conseco Preferred G Offering Trust VI (Business » NYSE Symbols) …   Abbreviations dictionary

  • CNC PH — Conseco Preferred H Offering Trust VII (Business » NYSE Symbols) …   Abbreviations dictionary

  • CNC PT — Conseco Preferred T Offering Trust I (Business » NYSE Symbols) …   Abbreviations dictionary

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