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A.M. Best has placed under review with positive implications the financial strength rating (FSR) of B- (Fair) and issuer credit rating (ICR) of “bb-” of
Conseco Life Insurance Company (CLIC). CLIC is a life/health subsidiary of
CNO Financial Group, Inc. (CNO Financial)
[NYSE: CNO]. Both companies are headquartered in Carmel, IN.
The rating actions follow the recently announced definitive agreement by CNO Financial to sell all of CLIC’s common shares to
Wilton Reassurance Company (Wilton Re) (Minneapolis, MN) for approximately $237 million in cash. The transaction, which includes CLIC’s run-off blocks of traditional life, interest sensitive life and annuity lines of business, is expected to close by mid-year 2014.