ConsEco.com is your online resource for insurance and annuity products
Overview
Conseco, originally founded in 1979 as Security Life of Indiana, is an American insurance agency based in Carmel, Indiana. Through its subsidiaries, Conseco provides such essential services as life insurance, annuity, and supplemental health insurance to over 4 million customers throughout the United States. Conseco has grown to become a high ranking Fortune 500 company, bringing in over $4.3 billion USD as of 2006. Conseco is a public company whose stock is traded on the New York Stock Exchange under the symbol “CNO.” Conseco's primary target demographic is middle market Americans, listing its company mission statement as “to be a leading provider of financial security for term life, health and retirement needs of middle market Americans.”
History
The company was first incorporated in 1979 under the name Security National of Indiana. In the company's early years, they focused primarily on raising capital, until 1982, when they began offering insurance after acquiring Executive Income Life Insurance Company. The company made yet another acquisition only a year later – that of the Consolidated National Life Insurance Company. With these two major acquisitions in place, Security National of Indiana officially changed its name to Conseco, Inc. in 1984.
Over the next 5 years, from 1984 to 1989, Conseco went on to make acquisition after acquisition, taking on numerous companies such as Lincoln American Life Insurance Company, Bankers National Life Insurance Company, Lincoln Income Life, Western National Life Insurance Company, National Fidelity Life Insurance Company, and Great American Reserve Insurance Company.
Throughout the 90s, Conseco would continue to expand, purchasing at least 40,000 square feet of operating space almost yearly. In 1990, Conseco added a 40,000 square foot expansion to their headquarters in Carmel, Indiana. Their headquarters would see numerous expansions throughout the next decade, including a 52,000 square foot expansion in 1991, a 60,000 square foot expansion in 1993, a 115,000 square foot expansion and a 103,000 foot expansion in 1996, a 105,000 square foot and a 100,000 square foot expansion in 1997, and a 140,000 foot expansion in 1999.
Literal expansions were not all that Conseco saw through the 90s, however. Conseco made two major acquisition partnerships in the 1990s. The first partnership, Conseco Capital Partners, L.P., was formed in 1990 with $70 million USD of equity commitments. The other, formed in 1994, was Conseco Capital Partners II, L.P., with over $600 million of equity commitments.
In 2000, with the turn of the new millennium, the future looked bright for Conseco. They announced a massive restoration plan and named a new interim Chairman and CEO, David V. Harkins, as well as a new Chairman and CEO, Gary C. Wendt.
The next year, Conseco expanded on the management reorganization of the previous year by naming William J. Shea the President and Chief Operating Officer of Conseco.
In 2002, however, Conseco was forced to reach an agreement with banks and bond holders which led to their voluntary reorganization under Chapter 11. They would not emerge from Chapter 11 reorganization until a full year later, a year which proved to be one of many changes for Conseco. That same year they named a completely new board of directors, and also sold the Conseco Finance division.
Modern Day
Conseco is now a successful Fortune 500 company, providing such services to the American public as life insurance, health insurance, and annuity.
Languages
English
Address
- 11815 N. Pennsylvania St
- Carmel IN 46032 US
Additional Information
Related Domains
External Links
- Stock: CNC
- Alexa: ConsEco.com
