Conseco to Sell Finance Unit.Conseco Conseco (NYSE: CNO), originally Security Life of Indiana, is a financial services organization based in Carmel, Indiana. Conseco's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than 4 million customers in the Inc., Carmel Car·mel also Car·mel-by-the-Sea A city of western California on Carmel Bay at the southern end of the Monterey Peninsula. It is an artists' and writers' colony and a popular tourist spot. Population: 4,130. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. ., plans to sell the finance unit it bought for $6 billion in 1998, opting instead to focus on its insurance business as the company tries to overcome a slumping Slumping is a categorical description of an area of techniques for the forming of glass through the use of heating glass to the point where it becomes plastic. It is generally formed by the force of gravity. stock price. During a conference call, Conseco Chairman and Chief Executive Officer Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Hilbert hinted that the company could use the proceeds from any sale to resume its role as an insurance company buyer. "We are going back to one of our core strengths, and that is maximizing shareholder value in the insurance industry," Hilbert said. Conseco bought 18 insurance companies over 15 years, then capped off its buying spree in 1998 with its much-touted acquisition of Green Tree Financial Corp., which has been renamed Conseco Finance. Stockholders rewarded Conseco for its aggressive insurance deals but never stopped doubting the Green Tree purchase. Conseco bought the company hoping to become a one stop shop for middle-income buyers of life insurance, investments, home equity loans and credit cards. |
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