CNO Financial Group, Inc. (formerly Conseco, Inc. (from Consolidated National Security Corporation)) is a financial services holding company based in
Carmel, Indiana
Carmel is a suburban city in Indiana immediately north of Indianapolis. With a population of 100,777, the city spans across Clay Township in Hamilton County, Indiana, and is bordered by the White River to the east; the Hamilton-Boone county ...
. Its insurance subsidiaries provide
life insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...
,
annuity
In investment, an annuity is a series of payments made at equal intervals.Kellison, Stephen G. (1970). ''The Theory of Interest''. Homewood, Illinois: Richard D. Irwin, Inc. p. 45 Examples of annuities are regular deposits to a savings account, mo ...
and supplemental
health insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among ma ...
products to more than four million customers in the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
. These products are distributed through independent agents, career agents and direct to customers through television advertising and direct mail.
CNO Financial ranked 608 on the
Fortune 1000
The Fortune 1000 are the 1,000 largest American companies ranked by revenues, as compiled by the American business magazine ''Fortune''. It only includes companies which are incorporated or authorized to do business in the United States, and for ...
with 2014 revenues of $4.1 billion. In April 2014, it was ranked among the 50 most-trusted financial institutions in America by
Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
.
History
CNO Financial was incorporated in 1979 as Security National of Indiana Corp. by Stephen Hilbert.
[Se]
Form 10-K of CNO Financial Group
/ref> SNI bought Consolidated National Life Insurance Co. in 1983. It began insurance operations in 1982 and became a public company in 1985.
In 1986 Conseco acquired Lincoln Income Life Insurance Company
Lincoln Income Life Insurance Company, originally Income Life Insurance of Kentucky was an insurance corporation based in Louisville, Kentucky. It provided life insurance, accident insurance, and fire insurance for over 70 years until it was acqui ...
for $29 per share or $32.3 mil. Shearson Lehman Brothers
Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...
advised Lincoln Income Life Insurance. Earlier, in mid-1985, Lincoln had agreed to be acquired by I.C.H. for $31 per share in cash but the merger could not be consummated as the Kentucky Department of Insurance raised objections to certain expenses which Lincoln would have incurred in the merger. Lincoln also received a merger proposal from Redgate in 1985. Satisfied with its recipe for acquiring and improving insurance companies, Conseco stepped up its acquisition efforts in 1986. It purchased Bankers National Life Insurance Company
Bankers Life is the primary subsidiary of CNO Financial Group, Inc. (itself formerly Conseco, Inc until 2010). The company was established in 1879 in Chicago, Illinois. CNO is a Fortune 1000 company (rank of 548 in 2015) whose subsidiaries provide ...
for $118 million, respectively.
In 1998, Conseco purchased the former Greentree Financial, one of the largest financiers of mobile home
A mobile home (also known as a house trailer, park home, trailer, or trailer home) is a prefabricated structure, built in a factory on a permanently attached chassis before being transported to site (either by being towed or on a trailer). Us ...
s, in an attempt to diversify into consumer financial services. They also bought life insurance company Colonial Penn
The Colonial Penn Life Insurance Company (often known as simply Colonial Penn) is an American life insurance company based in Philadelphia, Pennsylvania, founded by philanthropist and AARP co-founder Leonard Davis, owned by CNO Financial Group. ...
later that year, changing their name to Conseco Direct Life, though changing the name back to Colonial Penn in 2001 (known as Bankers Conseco Life Insurance Company in New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
state). Conseco (though not its subsidiary insurance companies) entered Chapter 11
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, wheth ...
reorganization in 2002 and emerged nine months later in 2003. Conseco's bankruptcy was the third-largest U.S. Chapter 11 filing at the time, after the bankruptcies of WorldCom Inc. and Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional companies. ...
. In the process of reorganization, GreenTree was divested and thereafter Conseco solely focused on the insurance industry.
From its opening in 1999 until 2011, the company (when it was known as Conseco) held the naming rights to the home arena
In sports, home is the place and venue identified with a team sport. Most professional teams are named for, and marketed to, particular metropolitan areas; amateur teams may be drawn from a particular region, or from institutions such as sch ...
of the NBA's Indiana Pacers
The Indiana Pacers are an American professional basketball team based in Indianapolis. The Pacers compete in the National Basketball Association (NBA) as a member of the league's Eastern Conference Central Division. The Pacers were first esta ...
; the naming rights were transferred to Bankers Life in 2011.
CNO Financial's CEO, Gary C. Bhojwani, joined the company in April 2016 as president and became CEO in January 2018. Bhojwani is also a member of CNO's Board of Directors.
CNO Financial Group is the parent company of seven insurance companies, including Bankers Life and Casualty
Bankers Life is the primary subsidiary of CNO Financial Group, Inc. (itself formerly Conseco, Inc until 2010). The company was established in 1879 in Chicago, Illinois. CNO is a Fortune 1000 company (rank of 548 in 2015) whose subsidiaries provide ...
Company and Colonial Penn Life Insurance Company
The Colonial Penn Life Insurance Company (often known as simply Colonial Penn) is an American life insurance company based in Philadelphia, Pennsylvania, founded by philanthropist and AARP co-founder Leonard Davis, owned by CNO Financial Group. ...
. They also owns 40/86 Advisors, an investment management company and Washington National Insurance Company.
On May 11, 2010, the board of directors officially approved changing the holding company's name to CNO Financial Group.
In 2015 February, CNO Financial sold its Hyderabad
Hyderabad ( ; , ) is the capital and largest city of the Indian state of Telangana and the ''de jure'' capital of Andhra Pradesh. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part ...
-based India operations to Cognizant
Cognizant is an American multinational information technology services and consulting company. It is headquartered in Teaneck, New Jersey, United States. Cognizant is part of the NASDAQ-100 and trades under CTSH. It was founded as an in-hous ...
.
References
External links
CNO's homepage
CNO Financial SEC Filings
CNO's Ownership of Washington National Insurance Company
{{Authority control
Companies listed on the New York Stock Exchange
Companies based in Indianapolis
Companies that filed for Chapter 11 bankruptcy in 2002
Carmel, Indiana
Financial services companies established in 1979
Insurance companies of the United States
1979 establishments in Indiana