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Conseco, Incorporated


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Conseco Enters Into Reinsurance Agreement With Wilton Re

www.insurance-business-review.com | Nov 20, 2009

Conseco has announced a new agreement under which its Bankers Life and Casualty Company subsidiary (Bankers Life) will co-insure, with an effective date of October 1, 2009, about 237,000 life insurance policies with Wilton Reassurance Company (Wilton Re).

http://www.insurance-business-review.com/news/conseco_enters_into_reinsurance_agreement_with_wilton_re_091120

Conseco, Inc. (CNO) Shareholder Update: Investigation

www.prlog.org

Conseco, Inc. (CNO) Shareholder Update: Investigation. Investigation on behalf of current long term investors of Conseco, Inc. (Public, NYSE:CNO) in connection with the pending lawsuit against CONSECO INC (NYSE: CNO) over alleged securities laws violations – Contact us:

http://www.prlog.org/10382290-conseco-inc-cno-shareholder-update-investigation.html

Conseco Announces Proposed Registered Offering of Common Stock

www.prnewswire.com

In connection with its concurrently announced agreement to privately sell to investment funds managed by Paulson & Co. Inc. 16.4 million shares of common stock and warrants to purchase 5.

http://www.prnewswire.com/news-releases/conseco-announces-proposed-registered-offering-of-common-stock-64128212.html

Paulson to own almost 10% of Conseco - MarketWatch

www.marketwatch.com | Oct 13, 2009

SAN FRANCISCO (MarketWatch) -- Paulson & Co., one of the largest and most successful hedge fund firms of recent years, is set to own almost 10% of Conseco Inc. as part of an effort by the insurer to boost waning capital levels.

http://www.marketwatch.com/story/paulson-to-own-almost-10-of-conseco-2009-10-13

 

PicksThatMove: www.PicksThatMove.com: "Picks that move" Alerts, November 20, 2009: CNO, NRG, NOC,

Picksthatmove.com Alerts include Conseco, Inc. (NYSE: CNO); NRG Energy (NYSE: NRG); Northrop Grumman Corporation (NYSE:NOC); Pfizer Inc. (NYSE: PFE); Aegean Marine Petroleum Network Inc. (NYSE: ANW) and Boston Scientific Corporation (NYSE: BSX)

-- November 20, 2009 Conseco, Inc. (NYSE: CNO) at $5.08 on a volume of 912,406 shares

In a press release on November 20, Conseco Announces Reinsurance Transaction

CARMEL, Ind., Nov 20, 2009 Conseco, Inc. (NYSE: CNO) today announced a new agreement under which its Bankers Life and Casualty Company subsidiary ("Bankers Life") will coinsure, with an effective date of October 1, 2009, about 237,000 life insurance policies with Wilton Reassurance Company ("Wilton Re"). Wilton Re will pay a ceding commission of approximately $45 million and 50% coinsure these policies, which will continue to be administered by Bankers Life.

About Conseco

Conseco, Inc.'s insurance companies help protect working American families and seniors from financial adversity: Medicare supplement, long-term care, cancer, critical illness and accident policies protect people against major unplanned expenses; annuities and life insurance products help people plan for their financial futures. For more information, visit Conseco's website at www.conseco.com.

-- November 20, 2009 NRG Energy (NYSE: NRG) trading at $23.55 on a volume of 791,637 shares

In a press release on November 20, NRG Energy, Inc. Announces Partial Redemption of 4.0% Convertible Preferred Stock

PRINCETON, N.J., Nov 20, 2009 NRG Energy (NYSE: NRG) announced today that it has called for redemption 210,000 of the 419,587 outstanding shares of its 4.0% Convertible Preferred Stock, representing approximately 50% of the total number of outstanding shares of preferred stock. The preferred stock redemption date will be December 21, 2009, and the redemption price will be $20.00 per share of preferred stock. The dividend payment due on December 15, 2009, on the preferred stock will be made in the usual manner.

About NRG Energy, Inc.

NRG Energy, Inc., a Fortune 500 company, owns and operates one of the country's largest and most diverse power generation portfolios. Headquartered in Princeton, NJ, the Company's power plants provide more than 24,000 megawatts of generation capacity--enough to supply more than 20 million homes. NRG's retail business, Reliant Energy, serves more than 1.6 million residential, business, commercial and industrial customers in Texas. A past recipient of the energy industry's highest honors--Platts Industry Leadership and Energy Company of the Year awards, NRG is a member of the U.S. Climate Action Partnership (USCAP), a group of business and environmental organizations calling for mandatory legislation to reduce greenhouse gas emissions. More information is available atwww.nrgenergy.com.

-- November 20, 2009 Northrop Grumman Corporation (NYSE:NOC) trading at $54.66 on a volume of 582,624 shares.

In a press release out on November 20, U.S. Air Force Awards $302.9 Million Production Contract to Northrop Grumman for Five Global Hawk High-Altitude, Long-Endurance Unmanned Aircraft Systems

SAN DIEGO, Nov 20, 2009 The U.S. Air Force has awarded Northrop Grumman Corporation (NYSE:NOC) a $302.9 million fixed price incentive fee contract for five RQ-4 Global Hawk high-altitude, long-endurance (HALE) unmanned aircraft systems (UAS). Under the Lot 7 production contract, the company will build two Block 30 systems and three Block 40 systems for the 303d Aeronautical Systems Group at Wright Patterson AFB in Dayton, Ohio.

The award also includes a ground station consisting of a launch and recovery element and a mission control element, plus two additional sensor suites that will be retrofitted into previous production aircraft. The contract runs through 2011.

About Northrop Grumman Corporation

Northrop Grumman Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide.

-- November 20, 2009 Pfizer Inc. (NYSE: PFE) last at $18.42 a volume of 26.35M shares

In a press release out on November 20,FDA Approves Intravenous Formulation Of Pfizer's Revatio(R) (Sildenafil) For The Treatment Of Pulmonary Arterial Hypertension

Revatio is the Only Treatment in Its Class with Both Oral and Intravenous Formulations

NEW YORK, Nov 20, 2009 Pfizer announced today that the U.S. Food and Drug Administration (FDA) has approved Revatio(R) (sildenafil) Injection, an intravenous formulation of Revatio. Revatio is the only FDA-approved phosphodiesterase-5 (PDE5) inhibitor available in both tablet and intravenous formulations.

Revatio is indicated for the treatment of adult patients with pulmonary arterial hypertension (WHO Group I) to improve exercise ability and delay clinical worsening. The delay in clinical worsening was demonstrated when Revatio was added to background epoprostenol therapy. The efficacy of Revatio has not been adequately evaluated in patients taking bosentan concurrently. Revatio Injection is for the continued treatment of patients with pulmonary arterial hypertension who are currently prescribed Revatio Tablets but who are temporarily unable to take oral medication.

About Pfizer Inc.

Pfizer Inc. (NYSE: PFE) is a research-based, global pharmaceutical company. The Company discovers, develops, manufactures and markets prescription medicines for humans and animals. It operates in two business segments: Pharmaceutical and Animal Health. Pfizer also operates several other businesses, including the manufacture of gelatin capsules, contract manufacturing and bulk pharmaceutical chemicals. In June 2008, Pfizer completed the acquisition of all remaining outstanding shares of common stock of Encysive Pharmaceuticals, Inc. through a merger of Pfizer's wholly owned subsidiary, Explorer Acquisition Corp., with and into Encysive. In June 2008, it also completed the acquisition of Serenex, Inc., a biotechnology company with a Heat Shock Protein 90 development portfolio. In July 2009, Pfizer bought back a 29.52% stake in its Indian arm, Pfizer Limited, increasing its stake to 70.75%.In October 2009, Pfizer Inc. acquired Wyeth.

-- November 20, 2009 Aegean Marine Petroleum Network Inc. (NYSE: ANW) last at $26.75 on a volume of 40,517 shares

In a press release out on November 20, Aegean Marine Petroleum Network Inc. Awarded Stand-By Oil Spill Recovery Services Contract by European Maritime Safety Agency

PIRAEUS, Greece, Nov 20, 2009 Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced its Belgian subsidiary, Aegean Bunkers at Sea N.V., has been awarded a contract by the European Maritime Safety Agency (EMSA) to increase the available oil pollution response capacity in the English Channel and its Atlantic approaches.

About Aegean Marine Petroleum Network Inc.

Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 14 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, West Africa, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore as well as Tangiers, Morocco.

-- November 20, 2009 Boston Scientific Corporation (NYSE: BSX) trading at $8.12 on a volume of 3.68M shares

In a press release out on November 20, Boston Scientific Announces FDA Clearance and CE Mark for WallFlex(R) Fully Covered Esophageal Stent

Complete portfolio of Company's WallFlex Stent family of self-expanding metal stents now available in U.S., Europe and other international markets

NATICK, Mass. and LONDON, Nov 20, 2009 Boston Scientific Corporation (NYSE: BSX) today announced that it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) and CE Mark approval to market its WallFlex(R) Fully Covered Esophageal Stent for the treatment of malignant esophageal strictures (obstructions) caused by tumors in patients with resectable or non-resectable esophageal cancer.

About Boston Scientific

Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.

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CONTACT: PicksThatMove e-mail: Info@picksthatmove.com WWW: http://www.picksthatmove.com

((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.

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Companies: Aegean Marine Petroleum Network Inc (ANW), Boston Scientific Corp. (BSX), Conseco, Inc. (CNO), Northrop Grumman Corp. (NOC), NRG Energy, Inc. (NRG), Pfizer, Inc. (PFE)

 

Conseco Announces Reinsurance Transaction - Zibb.com

Conseco, Inc. (NYSE: CNO) today announced a new agreement under which its Bankers Life and Casualty Company subsidiary ("Bankers Life") will coinsure, with an effective date of October 1, 2009, about 237,000 life insurance policies with Wilton Reassurance Company ("Wilton Re"). Wilton Re will pay a ceding commission of approximately $45 million and 50% coinsure these policies, which will continue to be administered by Bankers Life.

"This transaction is expected to increase Conseco's consolidated risk-based capital ratio by 9 percentage points, along with increasing statutory capital by the amount of the ceding commission," said Conseco CEO Jim Prieur.

In the transaction, Bankers Life will transfer to Wilton Re approximately $95 million in investment securities and policy loans and $140 million of statutory policy and other liabilities. The transaction, which is subject to the approval of insurance regulators in Illinois and Wisconsin, is expected to be completed in the fourth quarter of 2009.

As a result of the transaction, Conseco expects to record an increase to its deferred tax valuation allowance of approximately $19 million in the fourth quarter of 2009. Conseco also expects to record a pre-tax deferred cost of reinsurance of approximately $30 million, which, in accordance with generally accepted accounting principles ("GAAP"), will be amortized over the life of the block, reducing quarterly pre-tax income from operations by approximately $.5 million. In addition, Conseco's future GAAP income from operations will be reduced by the earnings from the portion of the block that is coinsured; such pre-tax earnings before overhead were approximately $2 million in the third quarter of 2009.

About Conseco

Conseco, Inc.'s insurance companies help protect working American families and seniors from financial adversity: Medicare supplement, long-term care, cancer, critical illness and accident policies protect people against major unplanned expenses; annuities and life insurance products help people plan for their financial futures. For more information, visit Conseco's website at www.conseco.com.

Cautionary Statement Regarding Forward-Looking Statements. Our statements, trend analyses and other information contained in this press release relative to markets for Conseco's products and trends in Conseco's operations or financial results, as well as other statements, contain forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically are identified by the use of terms such as "anticipate," "believe," "plan," "estimate," "expect," "project," "intend," "may," "will," "would," "contemplate," "possible," "attempt," "seek," "should," "could," "goal," "target," "on track," "comfortable with," "optimistic" and similar words, although some forward-looking statements are expressed differently. You should consider statements that contain these words carefully because they describe our expectations, plans, strategies and goals and our beliefs concerning future business conditions, our results of operations, financial position, and our business outlook or they state other ''forward-looking'' information based on currently available information. Assumptions and other important factors that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, among other things: (i) our ability to continue to satisfy the financial ratio and balance requirements and other covenants of our debt agreements; (ii) liquidity issues associated with the right of holders of our 3.5% convertible debentures due 2035 to require us to repurchase such debentures on September 30, 2010; (iii) general economic, market and political conditions, including the performance and fluctuations of the financial markets which may affect our ability to raise capital or refinance existing indebtedness and the cost of doing so; (iv) our ability to generate sufficient liquidity to meet our debt service obligations and other cash needs; (v) our ability to obtain adequate and timely rate increases on our supplemental health products, including our long-term care business; (vi) the receipt of any required regulatory approvals for dividend and surplus debenture interest payments from our insurance subsidiaries; (vii) mortality, morbidity, the increased cost and usage of health care services, persistency, the adequacy of our previous reserve estimates and other factors which may affect the profitability of our insurance products; (viii) changes in our assumptions related to the cost of policies produced or the value of policies in force at the effective date; (ix) the recoverability of our deferred tax assets and the effect of potential ownership changes and tax rate changes on its value; (x) our assumption that the positions we take on our tax return filings, including our position that our 7.0% convertible senior debentures due 2016 will not be treated as stock for purposes of Section 382 of the Internal Revenue Code of 1986, as amended, and will not trigger an ownership change, will not be successfully challenged by the Internal Revenue Service; (xi) changes in accounting principles and the interpretation thereof; (xii) our ability to achieve anticipated expense reductions and levels of operational efficiencies including improvements in claims adjudication and continued automation and rationalization of operating systems, (xiii) performance and valuation of our investments, including the impact of realized losses (including other-than-temporary impairment charges); (xiv) our ability to identify products and markets in which we can compete effectively against competitors with greater market share, higher ratings, greater financial resources and stronger brand recognition; (xv) the ultimate outcome of lawsuits filed against us and other legal and regulatory proceedings to which we are subject; (xvi) our ability to complete the remediation of the material weakness in internal controls over our actuarial reporting process and to maintain effective controls over financial reporting; (xvii) our ability to continue to recruit and retain productive agents and distribution partners and customer response to new products, distribution channels and marketing initiatives; (xviii) our ability to achieve eventual upgrades of the financial strength ratings of Conseco and our insurance company subsidiaries as well as the impact of rating downgrades on our business and our ability to access capital; (xix) the risk factors or uncertainties listed from time to time in our filings with the Securities and Exchange Commission; (xx) regulatory changes or actions, including those relating to regulation of the financial affairs of our insurance companies, such as the payment of dividends and surplus debenture interest to us, regulation of financial services affecting (among other things) bank sales and underwriting of insurance products, regulation of the sale, underwriting and pricing of products, and health care regulation affecting health insurance products; and (xxi) changes in the Federal income tax laws and regulations which may affect or eliminate the relative tax advantages of some of our products. Other factors and assumptions not identified above are also relevant to the forward-looking statements, and if they prove incorrect, could also cause actual results to differ materially from those projected. All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. Our forward-looking statements speak only as of the date made. We assume no obligation to update or to publicly announce the results of any revisions to any of the forward-looking statements to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements.

SOURCE Conseco, Inc.

http://www.conseco.com

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Companies: Conseco, Inc. (CNO)

 

Wilton Re to Co-insure 50% of Block of Conseco Policies - Zibb.com

Conseco Inc. said Wilton Reassurance Co. will pay a $45 million ceding commission to coinsure 50% of a block of policies written by Conseco's Bankers Life and Casualty Company subsidiary.

This is the second time this year Conseco has tapped Wilton Re for a reinsurance transaction, only this time, Wilton Re is taking just a 50% coinsurance arrangement.

This latest transaction, which involves 237,000 life insurance policies, is effective Oct. 1. Bankers Life will continue to administer the policies. The transaction is expected to increase Conseco's consolidated risk-based capital ratio by 9 percentage points, along with increasing statutory capital by $45 million, Conseco Chief Executive Officer Jim Prieur said in a statement.

Conseco did not comment beyond its written statement.

In the transaction, Bankers Life will transfer about $95 million in investment securities and policy loans and $140 million of statutory policy and other liabilities to Wilton Re. The transaction, which is subject to the approval of insurance regulators in Illinois and Wisconsin, is expected to be completed in the fourth quarter of 2009.

As a result of the transaction, Conseco expects to record an increase to its deferred tax valuation allowance of about $19 million in the fourth quarter of 2009. Conseco also expects to record a pretax deferred cost of reinsurance of approximately $30 million, which, in accordance with generally accepted accounting principles, will be amortized over the life of the block, reducing quarterly pretax income from operations by approximately $500,000. In addition, Conseco's future GAAP income from operations will be reduced by the earnings from the portion of the block that is coinsured; such pretax earnings before overhead were about $2 million in the third quarter of 2009.

In July, the company said two insurance company units -- Washington National Insurance Co. and Conseco Insurance Co. -- would coinsure 104,000 noncore life insurance policies with Wilton Reinsurance Co. in a deal it said would boost capital levels. Wilton Re would pay a ceding commission of about $57.5 million and 100% coinsure and administer the policies, while receiving $409 million in cash and policy loans and $466 million in statutory policy and other reserves from the Conseco units (BestWire, July 1, 2009).

The following month, Conseco said it planned to combine three insurance companies in an effort to boost capital. Under the deal, two subsidiaries, Conseco Insurance Co. and Conseco Health Insurance Co., were to be merged into Washington National Insurance Co. (BestWire, Aug. 31, 2009).

Last month, Conseco Inc. agreed to sell $78 million of its common stock and warrants, or 10% of the company's outstanding stock, to Paulson & Co., a large hedge fund firm, to strengthen its capital position (BestWire, Oct. 19, 2009).

Conseco Insurance Co. currently has a Best's Financial Strength Rating of B (Fair).

On the morning of Nov. 20, shares of Conseco (NYSE: CNO) was trading at $5.08 a share, down 1.93% from the previous close.

(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)

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Tags: accounting   ceo   earnings   gaap   health   hedge fund   illinois   insurance   investment   life insurance   nyse   policy   reinsurance   securities   tax   washington   wisconsin  

Companies: Conseco, Inc. (CNO)

 

Conseco Up 109% Since SmarTrend's Buy Recommendation - Zibb.com

SmarTrend, our proprietary pattern recognition system, called an Uptrend for Conseco (NYSE:CNO) on July 29, 2009 at $2.56.

Since then, Conseco has returned 109% as of today's recent price of $5.36. Want to profit from these alerts?

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Companies: Conseco, Inc. (CNO)

 

Web Sites

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Video: Stocks to Watch: MetLife, Conseco Inc. - Zibb.com

www.zibb.com

MetLife Comes Clean on Exposure to Lehman and AIG, S&P Maintains "Strong Buy" Rating Due to Smaller Investments; Conseco Down Nearly 45% After Revealing Exposure to AIG, Lehman, and Washington Mutual http://www.clipsyndicate.com/video/playlist/1998/696757?cpt=8&wpid=523

http://www.zibb.com/article/3985760/Video+Stocks+to+Watch+MetLife+Conseco+Inc

Conseco.com Privacy

This privacy statement only discloses the privacy practices for information collected on http://www.conseco.com. We understand that security and privacy are important issues for visitors to our Web site and recognize our obligation to keep the information secure and confidential.

http://www.conseco.com/wsc/privacy/privacy.shtml

Get contact information for Conseco Finance at Professional Builders Professional Remodeler - Your

suppliers.housingzone.com

Conseco Finance provides both secured and unsecured home improvement financing programs through it's network of approximately 1,200 dealers.

http://suppliers.housingzone.com/Company/3873413-Conseco_Finance

Apria - resources - News

Conseco Policyholders at Risk ; Insurer Transferring Long-term-care Policies Into Independent Trust Prompts Warnings of Rate Increases And Benefit Reductions.

http://www.apria.com/resources/1,2725,494-855827,00.html

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Conseco.com - Insurance and Annuity Products

www.conseco.com

The conseco.com Web site is your online resource for insurance and annuity products.

http://www.conseco.com/wsc/

Conseco Incorporated (CNO) Company Profile - CorporateInformation.com ...

www.corporateinformation.com

Conseco Incorporated. The Group's principal activity is to develop market and administer supplemental health insurance, annuity, individual life insurance and other insurance ...

http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=208464883

Conseco Incorporated Company Profile - CNO UNITED STATES Market Size ...

wrightreports.ecnext.com

Conseco Incorporated. The Group's principal activity is to develop market and administer supplemental health insurance, annuity, individual life insurance and other insurance ...

http://wrightreports.ecnext.com/coms2/reportdesc_COMPANY_208464883