Conseco — one of the best known corporate names in Indiana — is on its way out as part of a rebranding strategy. And that means the well-known Conseco Fieldhouse name could change as well Carmel-based Insurer Conseco Inc. said this morning it will ask its shareholders at the company’s May 11 annual meeting to approve a name change that would rebrand the holding company CNO Financial Group. CNO is Conseco’s stock ticker.
The move also probably means an eventual name change for Conseco Fieldhouse, the home of the NBA’s Indiana Pacers, according to Conseco spokesman Tony Zehnder. “That involves out contract with the Pacers, and may take some time,” he wrote in an e-mail.
The Conseco name has been attached to the Downtown Indianapolis arena since it opened more than a decade ago, with the insurer buying the name rights in 1998 for $40 million as part of a $95 million sponsorship package. Since then, Conseco Fieldhouse has become one of the country’s most celebrated venues for basketball, playing host to the Pacers and WNBA’s Fever but also to the Indiana high school basketball finals. It is also home to many other concerts and special events.
Conseco, which has enjoyed a financial turnaround of late, said the proposed name change relects the transformation of the company over the past three years. The new name would also help to separate the identity of the holding company, which is known to Wall Street, from the identities of its subsidiaries, which are known to insurance agents and customers, Conseco said.
Conseco’s insurance brands include Bankers Life and Casualty Co., Colonial Penn Life Insurance Co., and Washington National Insurance Co.
“Over the past three years, CNO has significantly improved its financial stability and sharply focused its business strategy,” Conseco Chief Executive Jim Prieur said in a statement. “We’ve transformed CNO’s leadership team and culture by bringing in top people from the outside, promoting from within, and encouraging engagement throughout the enterprise.
Conseco, which has posted four straight profitable quarters after a string of losses, has recapitalized the company to reduce debt. The company is focusing on selling its insurance products to retirees and middle-income customers.
Conseco said the name change will not affect the company’s ownership structure or insurance business operations.
