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Article: Conseco Agrees to Sell Variable Annuities Unit to New York City Firm.
- Article from:
- The Indianapolis Star (Indianapolis, IN)
- Article date:
- July 20, 2002
CopyrightCOPYRIGHT 2002 The Indianapolis Star. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bill W. Hornaday
Jul. 20--Conseco has agreed to sell its variable annuities unit to a New York City firm in a move that ends an eight-month struggle to exit a business no longer viewed as vital for its middle-income market.
Inviva, best known as the privately held owner of American Life Insurance Co. of New York, will acquire Indianapolis-based Conseco Variable Insurance Co. for an amount expected to fall between $120 million and $140 million. The deal is pending regulatory approval and a scheduled Sept. 30 closing date.
The sale number is based on a $180 million target that Lehman Brothers set to auction Conseco Variable earlier this ...