Conseco to Phase Out Health Policies
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Conseco Inc. plans to phase out about half of its major medical health insurance policies, which could leave as many as 80,000 clients in 16 states, including California, without a provider and about 300 employees without jobs.
The Carmel, Ind.-based insurance and financial services company told the Indianapolis Star that the policies to be cut from Conseco Medical Insurance Co. have been unprofitable.
A company spokesman said Conseco has tried to sell the Rockford, Ill.-based unit but had no takers for CMIC.
Conseco still hopes to sell parts of CMIC in states where health insurance remains profitable, the spokesman said.
The elimination of policies offered through its major brands--Connecticut National Life Insurance, Washington National Insurance and Pioneer Life Insurance--carries a $60-million pretax charge and $39 million after taxes, the spokesman said. Conseco shares fell 81 cents to close at $10.89 on the NYSE.
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