Conseco has said that Christopher Nickele, executive vice president of product management, will become president of a new business segment comprised primarily of closed blocks of business from Conseco Insurance Group. The new segment will be called Other CNO Business. Mr Nickele, joined Conseco in 2005.
The company expects to begin reporting on this new segment basis, which, in addition to Washington National and Other CNO Business, includes Bankers Life and Casualty and Colonial Penn Life Insurance, by the third quarter of 2010.
Jim Prieur, CEO of Conseco, said: “In his new role, Mr Nickele will be responsible for managing the profitability of blocks of business that are no longer being sold or marketed by Conseco, which account for about two-thirds of Conseco Insurance Group’s capital, and, while performing within expectations this quarter, last year produced a loss .Our current and growing business is through Washington National Insurance, led by president Steve Stecher, which accounts for the remaining one-third of Conseco Insurance Group’s capital.
The splitting of Conseco Insurance Group’s growing business, Washington National, from those closed blocks of business, Other CNO Business, is another step in our effort to increase transparency of our operations, bringing clearer accountability and focus on our business strategies as we continue in our transformation of Conseco.”