LYCOS RETRIEVER 
Conseco: Filing
built 646 days ago
[A]nalysts familiar with Conseco's portfolios attested that the company's investments were much more liquid, of higher quality, and more conservative than those of most insurers. In addition to avoiding real estate and junk bonds, Conseco's portfolio managers steered away from other risky and trendy investment vehicles of the 1980s, particularly Guaranteed Investment Contracts. A study of the top U.S. insurers in 1991 showed that only 48 percent of their investments were fixed maturities, whereas over 50 percent were tied up in real estate and other less dependable assets. In contrast, more than 80 percent of Conseco's portfolio comprised fixed maturities, and only two percent consisted of real estate holdings.
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Today Conseco benefits from savings in the areas of hardware, floor space, server maintenance, systems administration and management, and network connectivity. In addition to having fewer physical machines to manage, Conseco no longer has to buy a separate copy of backup software for each individual server. Instead, they buy merely one license for backing up the entire host box.
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Conseco now joins the ranks of State Farm (State Farm to Pay Punitive Damages. Again.), Allstate (Is Allstate really Allsnake?), and Blue Cross of California (Insurer Fined for Dropping the Sick and the Pregnant) who have been exposed this year for improperly denying coverage or claims. And it's only March.
Conseco options will trade on the March expiration cycle with exercise limits set at 31,500 contracts. The issue will be traded by lead market maker Lee Gordon of Group One Trading, LP.
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Conseco has estimated that its annual total cost of ownership has been reduced approximately from $10,400 per server to $4,500 per server (estimates based upon a sampling of 32 servers running in a virtual environment). Furthermore, they achieved their ROI requirement seven months ahead of schedule!
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One year ago, the man who recommended Wendt as his successor, Conseco co-founder Stephen C. Hilbert, described him as "perfect for the job." While analysts questioned Conseco's financial viability under Wendt's leadership, Hilbert defended Wendt's efforts.
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