NU Online News Service, July 2, 12:16 p.m. – Conseco Inc., Carmel, Ind., has raised $49.5 million by selling the traditional and interest-sensitive life business of its Conseco Variable Insurance Company subsidiary to a subsidiary of Protective Life Corp., Birmingham, Ala., through a coinsurance arrangement.

Earlier this week, Conseco announced it had raised $48.5 million by selling its Manhattan National Life Insurance Company unit to Great American Financial Resources Inc., Cincinnati.