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Apr 27, 2022

CNO Financial Group Announces Strategic Minority Interest in Rialto Capital

CARMEL, Ind.April 27, 2022 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that it has acquired a strategic minority interest in Rialto Capital (“Rialto”) and agreed to invest in a number of Rialto-managed investment vehicles. Rialto is an investment and asset management platform focused on the commercial real estate sector with $14.2 billion1 in assets under management.

Partnering with Rialto extends the capabilities of CNO’s in-house investment platform and enables the company to opportunistically benefit from increased exposure to commercial real estate, as market conditions allow.

“This partnership demonstrates CNO’s commitment to allocate capital and diversify our investment portfolio to enhance shareholder returns,” said Gary C. Bhojwani, chief executive officer. “We are pleased to invest in Rialto and its proven management team, who are leading investors and asset managers in this important sector.”

“We are thrilled to welcome CNO as a strategic partner,” said Jeff Krasnoff, chief executive officer of Rialto. “CNO has a successful track record and we look forward to creating value together.”

Jay Mantz, president of Rialto, added “We believe this relationship will help us continue to grow, both in our flagship real estate debt and equity strategies as well as in newly formed investment vehicles, to capitalize on the current investment environment.”

CNO’s minority interest joins funds managed by Stone Point Capital and Rialto’s management team as continuing owners of the business. Financial terms of the transaction were not disclosed.

Deutsche Bank Securities Inc. served as exclusive financial advisor and Mayer Brown LLP acted as legal counsel to CNO Financial Group. Wells Fargo Securities, LLC served as exclusive financial advisor and Kramer Levin Naftalis and Frankel LLP acted as legal counsel to Rialto.

About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $36 billion in total assets. Our 3,400 associates, 4,500 exclusive agents and 4,700 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit

About Rialto Capital
Rialto is a fully integrated real estate investment management and asset management company with a dedicated special servicer. Rialto invests and manages assets throughout the real estate capital structure in real estate properties, loans and securities and as of December 31, 2021 has approximately $14.2 billion1 of assets under management. Rialto’s mission is to create long term value for our investors and sustain results across market cycles. Rialto is headquartered in Miami, FL and has professionals operating from 12 locations throughout the United States. For more information, please visit

About Stone Point Capital
Stone Point is an investment firm based in Greenwich, CT, with over $40 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in a number of alternative asset classes, including private equity, through its flagship Trident Funds. Stone Point also manages both liquid and private credit funds and managed accounts. In addition, Stone Point Capital Markets supports our firm, portfolio companies and other clients by providing dedicated financing solutions. For more information, please visit

1For Rialto, assets under management represent face value owned of CMBS bonds, fair value of all other investments, and uncalled capital net of outstanding subscription facilities for vehicles still in their investment period, all as of 12/31/21 and gross assets as of 2/28/22 for the mortgage REIT sub-advised by RCM, which is the latest info publicly available.

SOURCE CNO Financial Group