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CHEMICAL BANK ANNOUNCES ENTRY INTO RETAIL INSURANCE DISTRIBUTION

 NEW YORK, Oct. 25 /PRNewswire/ -- Chemical Bank today announced its entry into retail insurance distribution to its retail and commercial customers nationwide through Chemical Insurance Agency Inc., a recently formed subsidiary of Chemical Bank Delaware.
 Chemical Insurance Agency will offer a full portfolio of life and health, property and casualty and credit-related insurance products from multiple carriers. These products will be offered to Chemical's customers nationwide through direct response, a field force and point of purchase opportunities. The new insurance agency is expected to offer a limited number of products immediately, with a full line of products to be introduced over the next year.
 Chemical Insurance Management Services (CIMS), which houses the operating infrastructure dedicated to servicing Chemical Insurance Agency and its customers, will be formed by a contractual agreement between Chemical Banking Corporation (NYSE: CHL) and Marketing Distribution Systems (MDS/Bankmark), a subsidiary of Conseco (NYSE: CNC), a financial services holding company based in Carmel, Ind.
 "Our alliance with Conseco is a strategic step towards conveniently meeting a broader set of financial needs of our commercial and individual customers nationwide," said Thomas Jacob, executive vice president and group executive of the National Consumer Businesses of Chemical Banking Corporation.
 Mr. Jacob indicated that the board of directors of Chemical Insurance Agency had elected Dennis Kosovac president and CEO of the newly formed subsidiary. "Dennis's extensive experience at Chemical, his focus on understanding our customers and his commitment to quality service will provide Chemical Insurance Agency with the unique opportunity to exceed our customers' expectations in meeting their insurance needs," added Mr. Jacob.
 "We view this opportunity to form an alliance with Chemical as strategically important to the consumer and we are committed to applying our resources to ensuring that the project will succeed," said Stephen Hilbert, chairman, president and CEO of Conseco.
 Robert C. Leonard, president and CEO of MDS/Bankmark added, "We are excited about this partnership with Chemical to create CIMS and we believe that we can create an insurance agency according to the highest professional standards with the interest of the consumer foremost in mind."
 Chemical Banking Corporation is a worldwide banking organization with more than $149 billion in assets and nearly $11 billion in equity. It is the third largest bank holding company in the United States with major franchises in key regional, national and global markets.
 Conseco is a financial services holding company structure which owns and operates insurance companies. The insurance companies owned or operated by Conseco develop, market, issue and administer annuity, individual health insurance and life insurance products. Conseco also provides administrative, data processing and investment management services to non-affiliates.
 Marketing Distribution Systems/Bankmark was founded by Mr. Leonard in 1986. A controlling interest in the company was sold to Conseco in March 1993. The business purpose of MDS/Bankmark is to work with financial institutions to provide insurance and investment products to the retail customers of those institutions.
 -0- 10/25/93
 /CONTACT: Judy Walsh of Chemical Bank, 212-270-2914, or James Rosensteele of Conseco, 317-573-2893/
 (CHL CNC)


CO: Chemical Banking Corporation; Conseco; Marketing Distribution
 Systems/Bankmark ST: New York IN: FIN INS SU: PDT


LG-TW -- NY047 -- 6225 10/25/93 10:47 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
Words:532
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