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Bankers Life & Casualty Company
Bankers Life & Casualty Company was established in 1879 and operates as a subsidiary of CNO Financial Group. Gary C. Bhojwani serves as CEO while Scott L.
Bankers Life & Casualty Company
Bankers Life & Casualty Company was established in 1879 and operates as a subsidiary of CNO Financial Group. Gary C. Bhojwani serves as CEO while Scott L. Goldberg heads the consumer division. The firm sells life and health insurance plus annuities through captive agents. Investment activity centers on a $29 billion fixed-income book of corporate bonds, municipals, and mortgage securities. The portfolio includes a minority interest in Rialto Capital, a Miami-based real estate platform, and debt positions in ProAmpac and Gen Digital. Geographic reach stays within the United States, with primary operations in Illinois and Indiana. The company employs an internal investment advisor, 40|86 Advisors, that has managed assets since 1981. Additional offices are not disclosed. Philanthropic activity includes a 2003 partnership with the Alzheimer's Association that has raised over $7 million. In November 2025 the firm sponsored the CNO Financial Indianapolis Monumental Marathon. Ownership flows through CNO Financial Group, which maintains separate public reporting and board oversight. This structure separates insurance operations from direct family control while retaining a dedicated agent network and legacy product book.
General information
Firm type
Insurance
Year founded
1879
AUM
21140 (Altss estimate)
Location
Region
North America
Country
United States
City
Chicago
Corporate office
303 East Wacker Drive Suite 500, Chicago, IL 60601, United States
Principals
Gary C. Bhojwani
CEO of CNO Financial Group
Scott L. Goldberg
President of Consumer Division
Sector focus
Frequently asked questions
Who runs investment decisions at Bankers Life & Casualty Company?
40|86 Advisors has served as the dedicated investment manager since 1981 under Eric R. Johnson. Gary C. Bhojwani provides group-level oversight as CEO of CNO Financial Group.
Does Bankers Life & Casualty Company participate in fund commitments or only direct deals?
The firm holds direct debt positions and minority equity stakes through 40|86 Advisors. Confirmed holdings include Victory Park Capital and ProAmpac.
Where does the underlying capital originate?
Capital originates from insurance premiums, annuity reserves, and investment income within the CNO Financial Group structure.
What is Bankers Life & Casualty Company's known posture on co-investments alongside external GPs?
The firm maintains minority ownership in Rialto Capital and debt financing alongside other lenders. No broad co-investment program with third-party GPs is disclosed.
How is Bankers Life & Casualty Company related to CNO Financial Group?
Bankers Life operates as a core operating subsidiary of CNO Financial Group, which files consolidated public reports and maintains board-level governance.
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