Conseco to transfer senior health insurance unit to independent trust

Conseco Inc. said Aug. 11 that it plans to transfer unit Conseco Senior Health Insurance Co. to an independent trust to be named Senior Health Care Oversight Trust.

The transfer should be completed in the fourth quarter, subject to the approval of the Pennsylvania Insurance Department.

Under the terms of the transaction, all of the stock of Conseco Senior Health Insurance, including about $2.9 billion in assets supporting the unit's long-term care liabilities, will move to the trust. Conseco will also contribute $175 million in additional capital to the unit and...