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Conseco consolidation to save $2.5M a year

 IBJ Staff
August 31, 2009
Keywords
Conseco/CNO Financial, Health Care & Life Sciences, Insurance, Public Companies
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Conseco Inc. this morning said it is consolidating three of its insurers into one, a move that will have no impact on employment but will save the company about $2.5 million annually.

The company said its Carmel-based Conseco Insurance Group now includes four insurers. The consolidation will cut that number to two. The move will yield savings on financial-reporting costs and in premium taxes, though the changeover will result in $8 million in one-time costs. Those stem from updating information technology systems, restocking forms and other adjustments.

The company said the consolidation will build capital and improve its risk-based capital ratio, a key measure of financial strength.

Conseco employs about 1,750 in Carmel. The company’s shares were trading late this morning at $4.40, up 9 cents, or 2.1 percent, on the day.

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  1. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

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