IBJ – John Paulson, who made $15 billion betting against real estate and then saw his fortune shrink as gold slumped, is proving to be an effective insurance investor.
Paulson’s hedge fund has more than doubled its money on Carmel-based CNO Financial Group Inc., the life insurer he helped recapitalize in 2009. Paulson & Co. can realize more gains when warrants it received become exercisable this month at about half CNO’s current share price.
