NU Online News Service, July 1, 1:12 p.m. – Conseco Inc., Carmel, Ind., has raised $48.5 million in cash by selling a small unit, Manhattan National Life Insurance Company, Schaumburg, Ill., to Great American Financial Resources Inc., Cincinnati.

Manhattan National, formerly a subsidiary of Conseco’s Pioneer Life Insurance Company unit, was founded in 1956 and is licensed to do business in the District of Columbia and all states but New York. Although the company is not writing new policies, it still has 90,000 policies in force, and it generated $43 million in 2001 renewal premiums, according to Great American.

Most of Manhattan National’s policies are term life policies, Great American says.

Great-American sells annuities, life insurance, long-term care insurance and supplemental health insurance.