CNO Financial Group Inc., known as Conseco Inc. until May 11, has become almost the polar opposite of what it was under flashy co-founder
Steve Hilbert. Instead of high-octane growth driven by merger deals, CNO Financial has returned to profitability
by selling low-dollar products and emphasizing low-cost operations.
Carmel-based life and health insurer is now CNO Financial Group Inc. to reflect what company officers call a “transformation”
of the once-troubled firm.
The Carmel-based life and health insurer earned $33.9 million in the quarter, more than 38 percent higher than during the
same quarter a year earlier. Nearly all of that increase, however, was due to lower losses on investments and debt modifications.
Conseco expects its write-offs will be worth more than $800 million over the next 20 years.
James Prieur’s total compensation fell 5 percent last year to $3.3 million, but other Conseco executives saw pay hikes between
25 percent and 54 percent.
Conseco Inc. moved some of its customer-service work to India, prompting the local job reductions.
Conseco Inc. CEO Jim Prieur says it’s time to change the company’s 27-year-old name partly because it’s become better associated
with a sports facility than with the insurer’s products.
Carmel-based insurer Conseco Inc. will ask shareholders to approve changing the company’s name to CNO Financial Group,
the company said Thursday morning.
Carmel-based insurer swings to a profit, but earnings from operations decline.
Carmel-based insurer Conseco Inc. has been profitable for four straight quarters.
The Carmel-based life and health insurer immediately applied $161 million of the funds to its bank loans.
The company plans to use at least $150 million to repay debt under its senior credit agreement. The remaining proceeds will
be used for general corporate purposes.
Carmel-based insurer hopes to raise $234 million through public offering.
A U.S. District judge threw out the lawsuit against Conseco, saying the company’s emergence from bankruptcy in September
2003 wiped out prior legal claims.
Carmel-based insurer also wants to amend bank loans to assuage investor concerns ahead of $200 million stock offering.
After more than four years on the market, the Carmel estate built for Conseco Inc. founder Stephen Hilbert is listed at
$9.9 million—less than half of the original asking price and a third of the $30
million it was estimated to be worth in 2001.
Carmel-based Conseco’s second deal with Minnesota-based Wilton Reassurance Co. will bring in $45 million.
Conseco Inc. plans to sell about $230 million in stock and use half of the net proceeds to repay debt under its senior credit
agreement.
The Indiana Supreme Court on Wednesday delivered some good news to the widow of former Conseco Inc. Chief Counsel Lawrence
Inlow, reversing a lower court’s order that she pay his estate $284,034 for funeral expenses.
The Carmel-based life insurer’s third-quarter results exceeded Wall Street analysts’ predictions.
