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Indiana Holding Company to Buy Philadelphia-Based Life Insurer.(Originated from The Philadelphia Inquirer)
May 1--Conseco Inc. said Wednesday that it will add another Philadelphia company to its list of subsidiaries: Colonial Penn Life Insurance.
The Carmel, Ind., life and health insurer said it would purchase Colonial Penn and Providential Life Insurance Co. from Leucadia National Corp., of New York, for $460 million.
Last December, Conseco bought American Travellers Corp., Bensalem, for $793 million. The deal gave Conseco the largest share nationwide of the long- term-care insurance market.
Colonial Penn employs about 300 people in its Center City offices. Spokesman Jim Rosensteele said no operational changes were planned. He said ...
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Source: HighBeam Research, Indiana Holding Company to Buy Philadelphia-Based Life...