Conseco to Buy Colonial Penn Insurance

Conseco Inc., a financial-services holding company, said it agreed to buy Leucadia National Corp.’s Colonial Penn Life Insurance Co. for $460 million in cash and notes, continuing its shopping spree for insurance companies. Colonial Penn uses direct marketing to sell level-premium whole life insurance to seniors with little or no insurance. Carmel, Ind.-based Conseco, which has bought at least 16 life insurance companies since 1982, also reported $111.5 million in first-quarter profit that slightly exceeded Wall Street analysts’ expectations. Its stock was unchanged at $41.375, while Leucadia shares rose 75 cents to close at $30.375 on the New York Stock Exchange.