Conseco to Acquire Three Health Insurance Marketing Companies, Establish Supplemental Health Distribution Subsidiary.CARMEL, Ind.--(BUSINESS WIRE)--June 3, 1999-- Conseco, Inc. (NYSE NYSE See: New York Stock Exchange :CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) said today that it has acquired two leading marketing companies and agreed to acquire a third leading marketing company specializing in cancer, heart/stroke and other supplemental health coverage. Conseco said it intends to combine the operations of the three companies to create a new wholly owned health insurance distribution subsidiary. The companies are: - Consolidated Marketing Group (CMG CMG Coastal & Marine Geology (USGS) CMG Chipotle Mexican Grill, Inc. (stock symbol) CMG Companion (of the Order Of) St Michael and St George CMG Computer Measurement Group ), a 10-year old firm based in New Port Richey, Fla., which markets products nationwide, specializing in worksite marketing. - Inter-State Service, Inc. (ISS ISS See Institutional Shareholder Services (ISS). ), a 22-year old firm based in Overland Park, Kan., which focuses on sales to farmers and ranchers throughout the Midwestern United States. - TLC TLC total lung capacity; thin-layer chromatography. TLC abbr. 1. thin-layer chromatography 2. National Marketing Company (TLC), a 25-year old firm based in Dallas, Texas, which concentrates on door-to-door sales throughout the southern half of the United States. Conseco yesterday completed the acquisitions of CMG and TLC and signed an agreement to acquire ISS, subject to customary closing conditions. The three firms in aggregate have approximately 2,000 agents under contract and produced $43 million of new annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. premiums from cancer, heart/stroke, accident and long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. products in 1998, generating nearly three-fourths of Conseco's cancer and heart/stroke business during the year. TLC is currently the number 2 producer of new business for Conseco's long-term care product line. The distribution subsidiary will be managed by President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Chris Weaver. Weaver was the owner of TLC and has been its CEO since June 1998. He was previously the executive vice president of Conseco's business unit devoted to cancer and heart/stroke policies. Weaver served as executive vice president of the business marketing division of Conseco Health Insurance Company (formerly Capitol American Life Insurance Company) prior to its acquisition by Conseco. Headquartered in Carmel, Ind., Conseco (NYSE:CNC) is one of middle America's leading sources for insurance, investment and lending products. Through its subsidiaries and a nationwide network of insurance agents and finance dealers, Conseco provides solutions for both wealth protection and wealth creation to 12 million customers. World Wide Web http://www.conseco.com Investor Hotline 800.4.CONSECO Fax-on-Demand 800.344.6452 |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion