Conseco Inc. announced a plan to consolidate 3 insurance companies within its Conseco Insurance Group segment.
Under the plan, the company would merge Conseco Insurance Company and Conseco Health Insurance Company into a third subsidiary, Washington National Insurance Company. Subject to the approval of insurance regulators in Arizona, California and Illinois, Conseco, Carmel, Ind. expects to complete the merger in the fourth quarter.
“We expect this merger to provide many benefits, chief among which will be to increase Conseco’s total adjusted statutory capital and our consolidated risk-based capital ratio,” said Conseco CEO Jim Prieur.