CNO Financial Group appointed Joel Koehneman chief accounting officer, effective Jan. 25.
Koehneman most recently served as a finance director at CDW Corporation. He has more than 16 years of experience in the audit practice of PricewaterhouseCoopers (PwC), primarily focusing on life insurance clients, including service as lead director on two life insurance company audits.
He will report to the company’s chief financial officer, Paul McDonough, who has been in the role since March 2019.
McDonough said that Koehneman’s experience in public accounting will help the company in achieving its growth targets.
“His leadership and technical skills, along with his comprehensive knowledge of our products and markets, including Bermuda, and his alignment with the CNO mission will be key strengths for the company as we continue to advance our strategic growth initiatives,” said McDonough.
Koehneman will succeed Michellen Wildin as chief accounting officer. Wildin was appointed to the role in January last year. She was previously CNO’s senior vice president of accounting from October 2023 to December 2023. She is expected to remain with the company through April 1 to support the transition.
CNO Financial, which is based in Carmel, Ind., provides life and health insurance, annuities, financial services and workforce benefits offerings. It offers its services through its subsidiaries, including Bankers Life, Colonial Penn, Optavise and Washington National.
In November, the company posted a net income of $9.3 million in the third quarter of 2024, down from $167.3 million a year ago. Book value per share at the end of the quarter was $25.86. Return on equity stood at 11.8%, with an adjusted operating ROE of 11.7%.
AM Best also maintained its ratings last year for CNO Bermuda Re and other insurance subsidiaries of CNO Financial. The rating agency also reaffirmed the financial strength rating (FSR) of A (Excellent) and the long-term issuer credit ratings (Long-Term ICR) of “a” (Excellent) for the subsidiaries.
