Insurance Agent Forum

[somarco]

Conseco Inc., Carmel, Ind., says it will be applying to Pennsylvania Insurance Department regulators for permission to transfer Conseco Senior Health Insurance Company, and about $2.9 billion in Conseco Senior Health assets, to a new entity, the Senior Health Care Oversight Trust.

National Underwriter Life & Health

[xrac]

Originally Posted by somarco

Conseco Inc., Carmel, Ind., says it will be applying to Pennsylvania Insurance Department regulators for permission to transfer Conseco Senior Health Insurance Company, and about $2.9 billion in Conseco Senior Health assets, to a new entity, the Senior Health Care Oversight Trust. National Underwriter Life & Health

Does these mean that they have been losing on their LTC plans???

[somarco]

weakness at Conseco Senior Health has contributed to Conseco having relatively weak financial strength ratings, and that limits the ability of Conseco and Conseco subsidiaries other than Conseco Senior Health to compete with higher-reated insurers, Conseco says.

It would appear the financial strength of Conseco LTC block is not up to speed. LTC business is long tail and requires different reserve mandates. Conseco Senior Health appears to operate as a wholly owned subsidiary. It appears that Conseco is preparing to spin off the company as a separate entity.

[MedSuppPro]

What happens to the 142,00 policyholder (soon to be former)?
Do they have any say? Is this a win-win situation?

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[somarco]

Hard to say.

Based on Conseco's history over the last dozen years or so, I would say anyone who bought anything from this carrier deserves what they get.