Conseco Insurance switches presidents

November 13, 2007

Conseco Insurance Group announced yesterday that its president, Michael J. Dubes, has retired and been replaced by Dan R. Bardin.

Dubes, age 65, led the unit of Carmel-based Conseco Inc. since June 2005.

Bardin most recently was an industry consultant. He also has been chief executive of insurance at Prudential Corp., Asia, and general manager of American International Group in Thailand.

In the quarter ended Sept. 30, Conseco Insurance Group lost $400,000 after having earned $58.5 million in the same period a year earlier. Conseco attributed the loss to higher-than-anticipated mortality rates and charges driven by consolidation.

Parent company Conseco Inc. reported an overall $25.6 million loss in the quarter compared to $52.8 million in profit in the year-ago period. The loss was driven by a $76.5 million charge for transferring a block of older annuity products to Swiss Reinsurance Co.

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