CNO Financial Group: Difference between revisions
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Conseco, Inc. is an insurance holding company based in Carmel, Indiana. Conseco's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than 4 million U.S. customers. These products are distributed through independent agents, career agents and direct to customers through television advertising and direct mail. Conseco (the parent company) was incorporated in 1979, began insurance operations in 1982, entered Chapter 11 reorganization in 2002 and emerged from reorganization nine months later, in 2003. Conseco's insurance companies operate separately and were not involved in the parent company reorganization. Conseco is a Fortune 500 company, with 2005 revenues of $4.3 billion. Conseco's common stock is traded on the New York Stock Exchange (ticker symbol: CNO). |
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Revision as of 19:01, 24 May 2006
Conseco NYSE: CNO is a financial services organization based in Carmel, Indiana, which had its origin as Security Life of Indiana. It owns several insurance companies, but became best-known for its purchase of the former Greentree Financial, formerly one of the largest financers of mobile homes. The high rate of default associated with this form of housing loan has threatened the stability of the entire organization, and investors and creditors are pursuing litigation against Conseco in several legal venues. Conseco is also known for being one of the first large financial service organizations to "outsource" many of its lower-paying operations such as much of its customer-service work to India.
The company's troubles have caused it to be "de-listed" from the New York Stock Exchange, and it is being pursued in several legal venues in actions based on several areas of alleged irregularites including accounting violations and excessive executive compensation.
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Conseco, Inc. is an insurance holding company based in Carmel, Indiana. Conseco's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than 4 million U.S. customers. These products are distributed through independent agents, career agents and direct to customers through television advertising and direct mail. Conseco (the parent company) was incorporated in 1979, began insurance operations in 1982, entered Chapter 11 reorganization in 2002 and emerged from reorganization nine months later, in 2003. Conseco's insurance companies operate separately and were not involved in the parent company reorganization. Conseco is a Fortune 500 company, with 2005 revenues of $4.3 billion. Conseco's common stock is traded on the New York Stock Exchange (ticker symbol: CNO).