Updated:
Bankers Life & Casualty Company
Bankers Life & Casualty was founded in 1879 and today operates as the largest brand within CNO Financial Group, a publicly traded insurance holding...
Bankers Life & Casualty Company
Bankers Life & Casualty was founded in 1879 and today operates as the largest brand within CNO Financial Group, a publicly traded insurance holding company. The Chicago-based firm distributes life and health insurance, annuities, and retirement solutions to over one million customers annually through a captive agency force of more than 5,000 agents. Its parent company, led by CEO Gary Bhojwani, generated over $3.5 billion in revenue in 2024. The general account, estimated by Altss at $21.1 billion, is managed with a multi-asset strategy that includes a heavy fixed-income allocation alongside direct investments in real estate, private credit, and venture capital. The firm owns its headquarters at 303 E. Wacker Drive in Chicago and carries exposure to commercial properties through relationships such as the Rialto Capital portfolio in Miami. On the venture side, President Scott Goldberg serves as an active angel investor with Hyde Park Angels, creating a direct pipeline to early-stage technology companies in the Midwest. The investment posture is inherently long-duration, matching liability profiles, but includes opportunistic allocations to seed, startup, and growth-stage deals. In addition to its Chicago headquarters, the firm maintains operations in Carmel, Indiana and Miami, Florida. Scott Goldberg, President of the Consumer Division, is also a member of YPO's Chicago chapter and sits on the Life Insurance Advisory Board for LIMRA. Gary Bhojwani, the CEO of parent company CNO Financial, serves on the board of Hormel Foods and the American Council of Life Insurers. In 2024, CNO Financial Group and Bankers Life continued their long-standing support of the Alzheimer's Association with a donation for care, education, and research programs, reflecting a corporate philanthropy arm that runs parallel to the commercial business. What distinguishes Bankers Life as an allocator is the intersection of a captive distribution network and principal investment access. The firm does not rely on consultant gatekeepers or third-party marketing; its senior executives bring deal flow from personal networks that mix public-company boardrooms, industry trade groups like ACLI and LIMRA, and regional angel investing circles. This architecture gives the general account a sourcing pattern uncommon among mid-sized insurance carriers — one where institutional private-credit and real-asset commitments coexist with venture exposure sourced through an executive's individual membership in the Midwest's most active angel network.
General information
Firm type
Insurance
Year founded
1879
AUM
$21.1B (Altss estimate)
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Additional offices
Carmel, IN · Miami, FL
Principals
Gary C. Bhojwani
CEO of CNO Financial Group
Scott L. Goldberg
President of Consumer Division
Sector focus
Frequently asked questions
Who makes investment decisions for Bankers Life & Casualty's general account?
Investment oversight sits within CNO Financial Group, the publicly traded parent, where CEO Gary Bhojwani and the corporate treasury team manage the general account. Scott Goldberg, President of the Consumer Division, brings additional venture and private-company deal flow through his personal angel investing activity with Hyde Park Angels and his membership in YPO's Chicago chapter.
How does Bankers Life source private-market investment opportunities?
The firm sources deals through multiple channels. Its fixed-income and real-asset teams manage institutional relationships, including a known connection to Rialto Capital's commercial portfolio in Miami. For venture and early-stage exposure, President Scott Goldberg's active role in Hyde Park Angels provides direct access to Midwestern startups, effectively making the insurer a co-investor alongside one of Chicago's most established angel networks.
What is the relationship between Bankers Life, CNO Financial Group, and the other insurance brands?
Bankers Life is a wholly owned subsidiary and the largest operating brand of CNO Financial Group (NYSE: CNO), a publicly traded insurance holding company. CNO also owns Colonial Penn, a direct-to-consumer life insurer, and Washington National Insurance Company, a supplemental health and life carrier. The general account assets, estimated at $21.1 billion by Altss, are managed at the CNO corporate level and support policyholder obligations across all three brands.
What asset classes does the firm invest in beyond traditional fixed income?
Beyond the core fixed-income portfolio managed from Carmel, Indiana, the firm has exposure to commercial real estate, including its owned Chicago headquarters at 303 E. Wacker Drive and the Rialto Capital portfolio in Miami. The investment strategy also encompasses private credit, natural resources, and venture capital, with a mandate spanning seed, startup, growth, and buyout stages.
Does Bankers Life participate in philanthropic or community investment programs?
Yes, through CNO Financial's 'Invested in Giving Back' program and a sustained corporate partnership with the Alzheimer's Association. In 2024, the firm made a public donation supporting Alzheimer's care, education, and research. Scott Goldberg also serves on the board of the Alzheimer's Association Greater Illinois Chapter, reflecting a philanthropic focus aligned with the firm's core senior-market business.
What executive networks influence the firm's investment posture?
Scott Goldberg's memberships in YPO's Chicago chapter and the LIMRA Life Insurance Advisory Board, combined with Gary Bhojwani's board seat at Hormel Foods and leadership role at the American Council of Life Insurers, shape a network that blends insurance industry peers, consumer-goods boardrooms, and angel investing circles. These affiliations often generate proprietary deal flow that bypasses standard financial-intermediary channels.
How does Bankers Life's captive agent force impact its investment strategy?
The firm's 5,000-agent distribution network generates a stable, long-duration liability stream from individual annuities and life insurance policies. This liability profile allows the general account to hold illiquid assets, including direct real estate and private-company investments, without facing the redemption pressures that constrain open-end fund managers.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: