This conic (I'll call it $F$) is discussed in the classical projective geometry literature. I've seen it variously referred to as "Salmon's conic", "covariant conic" and "harmonic locus". It has the remarkable property that, for any point $P$ on $F$, the four tangents from $P$ to the two original conics form a harmonic set, i.e. their cross ratio is $-1$.
For a synthetic treatment, see Hatton, Projective Geometry, pg. 293, Article 133.
For an analytical treatment, see Salmon, Conic Sections, pg 306, Article 334 (see also Article 378, pg 344).
The above references also discuss the dual curve. I've seen applications of $F$ to topics such as conics in double contact, and Poncelet's porism.