LYCOS RETRIEVER 
Conseco: Bankruptcy
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John Ryan, a planner from Highlands Ranch, Colorado, says that he is concerned about Conseco policies for his clients and will be closely watching those policies already in place to ensure that they are not adversely affected by the bankruptcy proceeding. But Mark Lubbers, executive VP in corporate affairs for Conseco, says that the insurance companies are “the most settled question in this whole process.” He cites a statement from the Texas commissioner of insurance, Jose Montemayor, that emphatically states that the insurance companies are protected by a “firewall” from the parent company. His statement echoes that of the Michigan Office of Financial and Insurance Services Commissioner, Frank M. Fitzgerald. Both men stress that the insurance companies are governed by state laws “designed to protect the interests of . . . policyholders. Insurance companies are not eligible to file for bankruptcy under the federal bankruptcy code.”
Source:
[D]uring the quarter, the Bank sold its residual investment in the successor entity to Conseco, Inc., which had previously filed bankruptcy resulting in a complete writedown of the Bank's position. This sale contributed $273,000 to the Bank's gross income for the quarter, and provided the Bank with the opportunity to liquidate other potentially troublesome investment positions. The gross gain from all investment sales during the quarter was $252,000.
Source:
Conseco, Inc., the insurance holding company filed for bankruptcy on December 17, 2002. It is very important to note that the bankruptcy deals with the holding company that owns the insurers, not the insurance companies themselves. None of the Conseco owned insurance companies licensed in Wisconsin are in bankruptcy.
Source:
Prieur took office a year ago and is the company's third leader since Conseco re-emerged from bankruptcy, and he has targeted $100 million of earnings improvements over the course of 2007. And while the market's recent focus has been on the company's long-term care business, Conseco is posting solid growth outside of that area.
Source:
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