IBJNews

Conseco consolidation to save $2.5M a year

Back to TopCommentsE-mailPrintBookmark and Share

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.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
thisissue1-092914.jpg 092914

Subscribe to IBJ
ADVERTISEMENT