A Midwestern insurer that was struggling 2 years ago is starting to make what looks like a strong comeback.[@@]
Andrew Kligerman and other securities analysts at UBS Securities L.L.C., New York, give that assessment in a comment on a recent “field trip” to Conseco’s Carmel, Ind., headquarters.
Conseco filed for bankruptcy court protection because of problems with consumer finance affiliates and emerged from court protection in September 2003.
Florida regulators have forced the company to restructure rates and benefits for home health care policies there, and Conseco has stopped selling new long term care insurance policies.
But the restructuring of the Florida home health care block appears to be going well, with 40% of policyholders agreeing to 50% rate increases with no changes in benefits and 57% taking paid-up policies, the UBS analysts write.