Conseco Inc. wants to rebrand its holding company as CNO Financial Group, a move requiring approval from its shareholders.
The proposal, to be voted on by shareholders May 11, is designed to better separate the holding company from its insurance brands, officials said.
The Carmel, Ind.-based life insurer, which focuses on the middle-income market, said the proposed name change, to be voted on May 11, “reflects the transformation of the company that management and employees have achieved over the past three years,” according to a company statement.
“It also serves to separate the identity of the holding company, an investor brand, from the identities of its operating subsidiaries, the insurance brands known by agents and end consumers,” the statement said.
The company said new name would incorporate the company’s New York Stock Exchange symbol investors know it by.
The company has insurance operations that include Bankers Life and Casualty Co., Colonial Penn Life Insurance Co. and Washington National Insurance Co. Neither the company’s ownership structure or insurance business operations would be affected by the change, officials said.
“Over the past three years, CNO has significantly improved its financial stability and sharply focused its business strategy,” said Jim Prieur, Conseco’s chief executive officer, in the statement.
He added that new leadership helped reduce company debt, increase liquidity and equity capital, better prepare it for economic changes, and position it for profitable growth.
“We’ve streamlined and simplified the company to focus on those businesses where we enjoy true competitive advantages, and we’ve changed to become customer-driven, rather than product-driven,” Prieur said.
The name change could ultimately lead to the renaming of Conseco Fieldhouse, an Indianapolis, Ind., arena where the NBA’s Indiana Pacers play, a company official told the Indianapolis Star newspaper.