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Conseco To Add To Reserves

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A Midwestern insurer says it expects to adjust reserve figures included in its earnings report for the fourth quarter of 2006.

Conseco Inc., Carmel, Ind., is estimating that it will add $39 million in reserves, after taxes, in connection with claims reserves for its run-off block of long term care insurance business.

The company also will add $14 million in reserves for its core insurance operations, the company says.

Even after the reserve adjustments, fourth-quarter earnings should be about at the break-even level, Conseco says.

Conseco says it will report its fourth-quarter 2006 results March 6.

The report will come out later than expected because of the need to review the claim reserves and to review internal controls over financial reporting related to the LTC run-off block, Conseco says.


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