Conseco Insurance (CNO) Message Board

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Non-Tech : Conseco Insurance (CNO)

CNO 43.08

+0.4%

Dec 17 3:59 PM EST

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To: M.A. Miller who wrote (569)	1/15/1998 4:37:00 PM
From: dfloydr	Read Replies (1) of 4155

Wonder whether this is all "the Dirks effect"? When CNC started this game they could buy other companies cheaply. Now they are no longer the only buyer around and insurance company prices have moved up as they have in banking, apartment building, brokerage and asset management companies. The real sleepy companies have been bought up by CNC or someone by now. It might be pretty tough to find a good deal these days. If they have any sense at all they will not want to over pay for an acquisition. As an example of this problem, look at the insane prices being paid for hotel properties these days. One hotel here in Scottsdale was bought for $3.3 million two years ago ... nothing to do with the RTC mess ... rehab went way over budget ... $26mm. And now some sucker has just paid $32mm to buy it and it sits right on a busy street right in the smog and grunge of the valley ... not where I would want to visit. At that price they better know a lot of people with more money than sense if they ever hope to make money.. Could be that CNC will have to go to Asia to find bargain insurance companies to buy! Floyd Russell

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