CNO Acquires Web Benefits Design
Carmel-based CNO Financial Group (NYSE: CNO) has announced its acquisition of privately-owned Web Benefits Design Corp., an online benefits administration firm in Florida. CNO says it will fund the $66 million transaction from holding company cash and expects it to be accretive to earnings in 2020.
Gary Bhojwani, chief executive officer of CNO, said the acquisition will allow CNO’s insurance products to be available through WBD’s current carrier options to 1,000 employer group clients with more than 250,000 employees.
"WBD brings a leading-edge benefits technology platform and a proven track record of digital innovation to CNO," said Bhojwani, in a news release. "Employee benefits technology is one of the most highly sought-after solutions in the fast-growing worksite marketplace. With WBD’s platform, we are strengthening our competitive position to retain and attract employer groups by offering a technology-driven one-stop shop for their benefit needs."
Meanwhile, CNO Financial Group is reporting first quarter net income of $51.8 million, down from $84.3 million during the same period last year. Despite the dip, Bhojwani says the company delivered strong production results in all three of its businesses: Bankers Life, Washington National and Colonial Penn.
You can view the full earnings report by clicking here.