BRIEF-CNO financial says termination of long-term care reinsurance agreements with Beechwood RE
Sept 29 CNO Financial Group Inc :
* CNO Financial Group announces termination of long-term care reinsurance agreements with Beechwood RE and recapture of assets, liabilities and policyholder administration
* CNO Financial says BCLIC and WNIC gave written notice to bre that they are terminating their reinsurance agreements with BRE, effective immediately
* BCLIC and WNIC have also commenced litigation against current and former individual principals of BRE
* CNO Financial Group Inc says CNO has suspended its share repurchase program for remainder of 2016
* Preliminary information indicates CNO would record after-tax charge of about $55 million, calculated on a pro forma basis
* As a result of recapture and other things , CNO will contribute approximately $200 million to its insurance subsidiaries
* Terminating reinsurance agreements with Beechwood RE (BRE) and recapturing approximately $550 million of closed block long-term care liabilities
* BCLIC and WNIC recently expanded scope of audit to include additional level 3 investments with a reported amount of approximately $90 million
* CNO cos are resuming responsibility for aspects of policyholder administration; expect no impact to policyholders due to actions
* CNO Financial Group Inc says recapture of business is not expected to have a material impact to ongoing free cash flow generation of company Source text for Eikon: Further company coverage:
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