The NEW Washington National Insurance Company
The Conseco insurance companies are in the process of merging into a single entity. In the coming months, Conseco Health Insurance Company and Conseco Insurance Company will join with Washington National Insurance Company as one organization. Throughout the approval process, the merger will not affect policyholder benefits and our insurance companies’ ability to pay claims and other obligations.
We have recently completed an important step in this process. In October 2010, we gained regulatory approval for the merger of the Conseco insurance companies as well as Washington National’s “re-domestication” to the state of Indiana. As each U.S. state and territory acknowledges our name change, we will notify policyholders of this development. We anticipate receiving all necessary approvals by October 2011.
In the interim, our products will continue to be sold and serviced by our original underwriting companies. For example, if an individual owns a Conseco Insurance Company policy, all related correspondence will continue to bear the Conseco name until the merger is completed. Then, once the merger is finalized, all of our products will be marketed, underwritten and serviced by Washington National.
A strong American insurance company since 1923, Washington National Insurance Company has helped Americans protect themselves and their families from the financial hardship that often accompanies critical illnesses, accidents and loss of life. Washington National now has approximately $5 billion of statutory assets, 925,000 policies in force, $575 million in annual premiums and $4.3 billion of statutory policy reserves.
A.M. Best rating
Any time insurance companies merge, A.M. Best—a major credit-rating organization—withdraws its rating for all but the remaining insurance company. In this case, Washington National is the remaining insurance company and the A.M. Best rating now reflects the combined entity of Conseco Insurance Company, Conseco Health Insurance Company and Washington National Insurance Company.
As a result, Conseco Insurance Company and Conseco Health Insurance Company are no longer rated by A.M. Best. Any consumer or agent who wishes to check the rating status of Conseco Insurance Company or Conseco Health Insurance Company should search for “Washington National Insurance Company” on the A.M. Best website, www.ambest.com.
Washington National’s ratings are unaffected by the merger.