Conseco has put its variable annuity business on the block. Chairman Gary Wendt has reportedly already received bids for the book of business, according to Insure.com.

The decision to drop out of the variable annuity business was made as the firm struggles to refocus its business in the face of of financial difficulties. Last year, the firm also struggled with its fixed-income investment management team after many of its key members left the firm en masse.

Wendt made the decision after deciding that the business did not fit with its core middle market customers. Conseco will continue to offer fixed- or equity-indexed annuities to satisfy the needs of that market.

Wendt's strategy to refocuses the company is reliant on reducing the levels of the firm's debt. 

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