In a move to placate investors and rating agencies, Conseco Inc. said Tuesday that it has agreed to sell $500 million of preferred equity to Thomas H. Lee Co.

The Carmel, Ind., insurance giant also said it would slow the growth of its Conseco Finance unit, formerly Green Tree Financial Corp., cut the dividend on its common stock, and reduce its leverage.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.