Conseco
Encyclopedia
Conseco 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.
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. 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. 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.
Carmel, Indiana
Carmel is a city in Hamilton County, Indiana, United States located immediately north of Indianapolis, Indiana. The population was 79,191 at the 2010 census, and is one of the most affluent communities in the Midwest....
. Conseco's insurance subsidiaries provide life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
, annuity and supplemental health insurance
Health insurance
Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is...
products to more than 4 million customers in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. 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
Fortune 1000
Fortune 1000 is a reference to a list maintained by the American business magazine Fortune. The list is of the 1000 largest American companies, ranked on revenues alone...
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
Lincoln Income Life Insurance Company
Lincoln Income Life Insurance Company, originally Income Life Insurance of Kentucky was a insurance corporation based in Louisville, Kentucky. Lincoln Income Life Insurance provided life insurance, accident insurance, and fire insurance for over 70 years.-History:Income Life Insurance Company...
for $29 per share or $32.3 mil. Shearson Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
advised Lincoln Income Life Insurance. Earlier, in mid 1985, Lincoln had agreed to be acquired by I.C.H. 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
Colonial Penn
Colonial Penn Life Insurance Company is a Philadelphia, Pennsylvania based life insurance company owned by Conseco. Colonial Penn's marketing campaign is aimed at people between the age of 50 and 85, specializing in Guaranteed Acceptance Whole Life Insurance...
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
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
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.
MCI Inc.
MCI, Inc. is an American telecommunications subsidiary of Verizon Communications that is headquartered in Ashburn, Virginia...
and Enron Corp. 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
Bankers Life and Casualty
Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on the insurance needs of the retirement market. The nationwide company, a subsidiary of CNO Financial Group, Inc...
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.