Conseco Inc. says it is making progress in selling non-strategic assets and paying down debt. The company has also begun the reorganization of Conseco’s insurance operations. In a press release Tuesday, the company said it made the announcement in a memo to shareholders.
In the memo, Chairman and Chief Executive Gary Wendt, said the company named Ed Berube as president of Bankers Life. The company also announced it intends to sell or monetize more than $2 billion of its non-strategic assets.
According to the release, the company’s total proceeds exceeded $1.1 billion. And assets sold have generated $130 million more than the company estimated – a 14 percent premium. The company has also eliminated two layers of management that used to stand between the CEO and the company’s insurance business units.
Was this article valuable?
Here are more articles you may enjoy.
LA Fire Survivors Got a Rude Surprise That Could Hit More Americans 
Thumbs Down on SELF DRIVE Act as Written, Says Industry Trades 
New York Governor Hochul Vows to Tackle Insurance Affordability, Litigation and Fraud 
NYC Mayor Mamdani Widens Delivery-App Crackdown With Lost-Pay Lawsuit 
