February 15, 2005 |
Just days before a scheduled trial, one of the lesser players in a multibillion-dollar legal battle over the 1991 collapse of Executive Life Insurance Co. has settled its part of the case with state Insurance Commissioner John Garamendi for $80 million. Aurora National Life Assurance Co. of Inglewood also agreed over the weekend to provide witnesses to bolster Garamendi's case during the trial, said Norman Williams, a spokesman for the state Department of Insurance.
March 10, 1994 |
A wide majority of policyholders of the failed Executive Life Insurance Co. have opted to remain with the insurer's successor firm, a result that state Insurance Commissioner John Garamendi on Wednesday called "a tremendous vote of confidence" in his rehabilitation plan for Executive Life, which he seized as insolvent in April, 1991. However, a number of policyholders are disgruntled with the way the plan treats them and say that Garamendi and officials of Aurora National Life Assurance Co.
January 29, 2000 |
Aurora National Life Assurance Co., a Santa Monica-based insurer that has come under legal attack for its role in the takeover of the assets of defunct Executive Life Insurance Co., is putting itself up for sale. Aurora officials have been negotiating a deal with Swiss Re, a Zurich, Switzerland-based firm, that would divest the insurer of its $4.4 billion in assets and 180,000 life policyholders, sources say. Officials of both companies declined to comment.
September 4, 1993 |
In a parade of electronic and paper transactions that was notably short on pomp or drama, Executive Life Insurance Co. passed from existence Friday, 2 1/2 years after regulators seized it in one of America's largest insurance company failures. Friday's transactions--capped by more than $1 billion in wire fund transfers among Paris, New York and Los Angeles--concluded the controversial sale of Executive Life to a French investment concern led by Mutuelle Assurance Artisinale de France.
December 27, 1991 |
A state court judge Thursday approved the $3.55-billion sale of Executive Life Insurance Co. to a French investor group, paving the way for the largest rehabilitation of a failed U.S. insurer ever and ending months of uncertainty for hundreds of thousands of policyholders.
October 15, 1993 |
Tony Griffiths' check is in the mail, and that's what scares him. Griffiths, 41, like thousands of policyholders of the defunct Executive Life Insurance Co., is awaiting the first concrete evidence of how much the huge insurance failure will change his life. The evidence will arrive in the form of his monthly check, due today, the regular payment on a so-called structured settlement annuity that is Griffiths' compensation for losing the use of his legs in a 1982 motorcycle crash.