It was founded in 1879 and was previously known as White Cross. It was formerly owned by millionaire investor John D. MacArthur; upon his death, majority ownership passed to the MacArthur Foundation, best-known as the source of its so-called "genius grants". The Illinois Department of Insurance found this situation to be problematic; it did not feel that Illinois law contemplated the ownership of stock, for-profit insurance companies by a nonprofit organization.
The Foundation was forced to liquidate its holdings, and control of the company passed to ICH Holdings of Louisville, Kentucky, which was later acquired by Conseco.
Today, Bankers Life and Casualty works with the senior demographic, their motto being, "We specialize in seniors." Their primary products are Medigap policies, Long term care insurance, Life insurance, and Annuities.
