Carmel-based insurer Conseco Inc. will ask shareholders in May to approve changing the company’s name to CNO Financial Group, the company said Thursday morning.

If they agree, the company would move fairly quickly to change the name of Conseco Fieldhouse, the basketball arena in Indianapolis where the Indiana Pacers and Indiana Fever play. Conseco is paying $40 million over 20 years for arena’s naming rights.

Conseco spokesman Tony Zehnder said the company has begun talks with Pacers Sports & Entertainment about the name change. He said there’s no firm timetable for a change, but he added, “ I assume we would probably try to resolve that within the year.”

Shareholders will be asked to vote on the name change at the annual meeting on May 11.

Conseco said the name change would reflect the transformation of the company that has occurred over the past three years.

It also would more clearly distinguish the parent company from its insurance subsidiaries, including Bankers Life and Casualty Co., Colonial Penn Life Insurance Co. and Washington National Insurance Co. Conseco is no longer selling insurance policies and products under the Conseco name, Zehnder said.

CNO is the company's stock symbol.

"Over the past three years, CNO has significantly improved its financial stability and sharply focused its business strategy," CEO Jim Prieur said in a prepared statement. Last month, the company reported its fourth consecutive quarterly profit.

The company said the name change will not affect its ownership structure or insurance business operations.