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BUSINESS
October 30, 2004 | From Bloomberg News
Valencia-based Aurora National Life Assurance Co. agreed to pay $11.8 million to the losing bidder in the 1991 auction for the assets of Executive Life Insurance Co. to settle a civil lawsuit. The bidder, Sierra National Insurance Holdings Inc., will continue a suit against Credit Lyonnais and other parties over the French bank's purchase of Executive Life's assets, said David Balabanian, a lawyer for Sierra.
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BUSINESS
October 30, 2004 | From Bloomberg News
Valencia-based Aurora National Life Assurance Co. agreed to pay $11.8 million to the losing bidder in the 1991 auction for the assets of Executive Life Insurance Co. to settle a civil lawsuit. The bidder, Sierra National Insurance Holdings Inc., will continue a suit against Credit Lyonnais and other parties over the French bank's purchase of Executive Life's assets, said David Balabanian, a lawyer for Sierra.
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BUSINESS
June 11, 1993 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
SunAmerica Inc., the Los Angeles financial services company headed by Eli Broad, has agreed to buy a one-third stake in the successor company to failed Executive Life Insurance Co. SunAmerica's investment, described as "less than $50 million," is a significant vote of confidence in the new carrier's prospects by a respected, California-based insurance company.
BUSINESS
January 29, 2000 | DAVAN MAHARAJ, TIMES STAFF WRITER
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.
BUSINESS
March 10, 1994 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
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.
BUSINESS
January 29, 2000 | DAVAN MAHARAJ, TIMES STAFF WRITER
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.
NEWS
December 27, 1991 | SUSAN MOFFAT, TIMES STAFF WRITER
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.
BUSINESS
October 15, 1993 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
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.
BUSINESS
September 4, 1993 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
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.
BUSINESS
September 1, 1993 | STUART SILVERSTEIN and THOMAS S. MULLIGAN, TIMES STAFF WRITERS
Removing what is probably the last obstacle blocking the long-awaited revival of Executive Life Insurance Co., a state appeals court Tuesday rejected two legal bids to thwart French investors seeking to take over the Los Angeles company. Officials said the ruling by the California Court of Appeal means that Executive Life--which was seized by state regulators two years ago in one of the nation's biggest insurance failures--could be brought out of conservatorship in a matter of days.
BUSINESS
March 10, 1994 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
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.
BUSINESS
October 15, 1993 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
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.
BUSINESS
September 4, 1993 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
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.
BUSINESS
September 1, 1993 | STUART SILVERSTEIN and THOMAS S. MULLIGAN, TIMES STAFF WRITERS
Removing what is probably the last obstacle blocking the long-awaited revival of Executive Life Insurance Co., a state appeals court Tuesday rejected two legal bids to thwart French investors seeking to take over the Los Angeles company. Officials said the ruling by the California Court of Appeal means that Executive Life--which was seized by state regulators two years ago in one of the nation's biggest insurance failures--could be brought out of conservatorship in a matter of days.
BUSINESS
June 11, 1993 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
SunAmerica Inc., the Los Angeles financial services company headed by Eli Broad, has agreed to buy a one-third stake in the successor company to failed Executive Life Insurance Co. SunAmerica's investment, described as "less than $50 million," is a significant vote of confidence in the new carrier's prospects by a respected, California-based insurance company.
NEWS
December 27, 1991 | SUSAN MOFFAT, TIMES STAFF WRITER
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.
BUSINESS
February 15, 2005 | Marc Lifsher, Times Staff Writer
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.
CALIFORNIA | LOCAL
August 27, 1999 | DAVID ROSENZWEIG, TIMES STAFF WRITER
The complaints started pouring into Aurora National Life Assurance Co. of Santa Monica a little more than a week ago. Policyholders who had elected to pay their premiums through electronic bank transfers reported that they were being double-charged. And they had their bank statements to prove it. After some sleuthing of their own, Aurora officials quickly realized that their customers were victims of a scam by someone inside the company.
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