The troubled insurer has had to pare down its lines of business, shutting down a number of product lines in order to rationalize its businesses. The company starts with a fresh balance sheet, and its official emergence from bankruptcy has eliminated uncertainty about its ability to successfully restructure, A.M. Best said in a release. Even so, there remain some risk and questions about the longer-term reorganization plan.
Lower risk-based capital levels, at 173% on June 30, will improve with the sale of the companys GM Building, S&P said. If Conseco sells the property for $1.4 billion, as reported in the press, operating capital could increase by $380 million.
