Regulators OK Conseco Annuity Deal

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Regulators OK Conseco Annuity Deal

by AP Associated Press - Oct 05,2007

CARMEL, Ind. (AP) -- Insurance provider Conseco Inc. said Thursday it received final regulatory approval to have certain annuities at three of its divisions coinsured by Reassure America Life Insurance Co.

Reassure America Life, a unit of Swiss Re Life & Health America Inc., will insure older inforce equity-indexed annuity and fixed annuity business from three companies that are part of Conseco's insurance group unit.

Reassure America Life will pay a ceding commission of about $76.5 million.

As previously announced, Conseco will record after-tax charges of about $65 million in the third quarter related to the extinguishment of the insurance intangibles connected with the deal.

The deal is expected to close by the middle of the month.

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