Conseco completes merger with CCP Insurance.CARMEL, Ind.--(BUSINESS WIRE)--Aug. 31, 1995--Conseco, Inc. (NYSE NYSE See: New York Stock Exchange : CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) today completed its merger with CCP (Certified Computer Professional) The award for successful completion of a comprehensive examination on computers offered by the ICCP. See ICCP and certification. . 1. (language) CCP - Concurrent Constraint Programming. 2. Insurance, Inc. (NYSE: CCP). CCP was merged into Conseco, with Conseco being the surviving corporation. As a result of the merger, CCP's insurance subsidiaries--Beneficial Standard Life Insurance Company and Great American Reserve Insurance Company--became wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Conseco. Beneficial Standard and Great American Reserve specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in the sale of annuities--the fastest-growing product segment of the life insurance industry. They distribute their products through: (1) educator market specialists, who market retirement annuities to school teachers and administrators; and (2) professional independent producers (PIPs), who market supplemental retirement annuities to the public. The two companies collected a total of $397.7 million of premiums in the first six months of 1995, up 106 percent over the first six months of 1994. At June 30, 1995, the companies had a total of 2,755 licensed agents in the educator market and 8,545 licensed PIP agents. Conseco Chairman Stephen C. Hilbert said, "We are pleased to welcome Beneficial Standard and Great American Reserve to Conseco's family of wholly owned life companies, and we look forward to working even more closely with (former CCP president and chief marketing officer) Lynn Tyson and his outstanding organization. We plan to continue building the sale of profitable products and to maximize cross-selling opportunities with other Conseco affiliates." In the merger, each of the 11.8 million outstanding shares of CCP common stock not owned by Conseco was converted into the right to receive $23.25 in cash. Appropriate forms for presenting CCP stock certificates will be mailed as soon as practicable to all CCP stockholders of record. Conseco, headquartered in Carmel, Ind., owns, operates and provides services to companies in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry (primarily life insurance companies, to date). Conseco generates earnings by: (1) operating life insurance companies; (2) providing investment management, administrative and other services to affiliates and non-affiliates for fees; and (3) acquiring and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). life insurance companies in partnership with other investors. CONTACT: Conseco, Inc., Carmel Jim Rosensteele, Vice President-Investor Relations, 317/817-2893 |
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