Conseco

Conseco's modern history is a restructuring-and-refocus story. After severe financial stress, the company entered Chapter 11 and then emerged in September 2003; in its investor-relations announcement, Conseco said its reorganization plan had become effective and that the reorganized company was positioned as an insurance-focused enterprise. [1] Brand and governance followed strategy. In 2010, Conseco sought shareholder approval to change the holding-company name to CNO Financial Group, describing the move as reflecting a multi-year transformation; shareholders later approved the change. [2][3] A central de-risking step was reducing exposure to legacy closed blocks. In 2014, CNO announced it had completed the sale of Conseco Life Insurance Company (CLIC) to Wilton Reassurance Company, and Wilton Re described the transaction as an acquisition of CNO's closed-block life subsidiary. [4][5] Regulator records mirror the operating-company evolution: California's profile for Wilco Life Insurance Company lists prior names including Conseco Life Insurance Company, documenting legal-entity continuity behind brand changes and the ultimate alignment with the Wilton Re group. [6] The opportunity story is survivability through simplification-moving long-duration liabilities to a specialist run-off owner while the holding company concentrated on remaining businesses. [1][4][5][6]

Conseco (now CNO Financial)

• Corporate Owner: CNO Financial Group
• Corporate Mailing Address: 11825 N. Pennsylvania St, Carmel, IN 46032

Rich History & Highlights

• 1979: Founded by Stephen Hilbert and David DeBoer.
• 1980s-90s: Roll-Up Strategy: Aggressively acquired smaller insurance companies (Bankers Life, Colonial Penn, Washington National).
• 1998: The Fatal Error: Acquires Green Tree Financial (mobile home lender) for $6 billion. The deal turned toxic as loan defaults soared.
• 2002: Bankruptcy: Conseco files for Chapter 11 bankruptcy (the third-largest in US history at the time) to shed the Green Tree debt.
• 2003: Emerges from bankruptcy.
• 2010: Rebranding: Officially changes corporate name to CNO Financial Group to distance itself from the bankruptcy era.

Source: CNO Financial History | Wall Street Journal Archive (Conseco Bankruptcy)

Sources: [1] CNO IR (2003). [2] CNO PR (2010). [3] SEC EDGAR exhibit (2010). [4] CNO PR (2014). [5] Wilton Re PR (2014). [6] CA DOI profile (Wilco Life).