FBR Capital analyst Randy Binner says shares of CNO Financial sold off yesterday after it came to light on the Q2 earnings call that Beechwood Re, a reinsurance counterparty of CNO, has had some business dealings with hedge fund Platinum Partners, which is reported to be liquidating. Investors need to recognize that CNO is "several layers removed from Platinum, if there is any link at all," Binner tells investors in a research note. He views the reinsurer concern as overblown and keeps an Outperform rating on CNO. The analyst calls yesterday's selloff an overreaction.