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Cno Financial Group Inc announces sale of Closed Block Life Insurance subsidiary to Wilton Reassurance company

Monday, 3 Mar 2014 07:05am EST 

Cno Financial Group Inc:Enters into definitive agreement to sell 100 pct of common stock of Conseco Life Insurance Company (CLIC) to Wilton Reassurance Company.Transaction, when completed, will reduce statutory run-off reserves by $3.4 bln.As part of agreement, Bankers Life and Casualty Company, wholly owned life insurance subsidiary, will recapture about $160 mln of traditional life reserves previously reinsured to Wilton Re, paying $28 mln.Sale of CLIC expected to close mid-year 2014.RBC Capital Markets, LLC serves as financial advisor and Willkie Farr & Gallagher LLP serves as legal counsel for CNO in this transaction. 

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