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Posted: 7:14 AM Aug 12, 2008
Conseco shares jump on company-trust transfer
Carmel, IN Conseco shares are up today after the company announced plans to move Conseco Senior Health Insurance to an independent trust.
Reporter: The Associated Press |
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Conseco shares are up today after the company announced plans to move Conseco Senior Health Insurance to an independent trust.
Shares rose more than 6 percent in afternoon trading.
Under terms of the transaction, all of the stock of Conseco Senior Health Insurance will be transferred to Senior Health Care Oversight Trust. The Carmel-based company says the new trust is for the exclusive benefit of Conseco's long-term care policyholders.
The move is expected in the fourth quarter this year.
Before the transaction, Conseco will contribute 175 million dollars of additional capital to Conseco Senior Health Insurance and the new trust.
Company leaders say Conseco has infused the senior health business with 915 million dollars in cash over the past 10 years.
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