March 10, 1985
A land purchase-leaseback and leasehold mortgage loan of $9.5 million has been arranged for six three-story, 21,000-square-foot office buildings to be built at 3615 Ruffin Road in the Kearny Mesa area of San Diego. The financing was arranged with E. F. Hutton Life Insurance Co. by John Burnham & Co. of San Diego for Norwich-Van Raaphorst Properties, the developer. Construction is scheduled to begin in mid-March.
February 11, 1987
Under the definitive agreement, First Capital Holdings, a Los Angeles-based financial services company, will pay $300 million in cash for the insurance group, which includes E. F. Hutton Life Insurance Co. in La Jolla and Great Britain's World-Wide Reassurance. The two signed a letter of intent last month to enter into the transaction which, pending regulatory approval, is to be completed this spring. E. F.
January 12, 1987 |
E. F. Hutton Group said Friday that it intends to sell its insurance group for $300 million in cash to First Capital Holdings Corp., a financial services concern based in Los Angeles. But the company said that while the sale could boost its 1987 results, it expects to post "a substantial loss" for 1986 because it established a special reserve of about $130 million in the fourth quarter for reasons unrelated to the insurance unit sale. Hutton said it had signed a letter of intent to sell its E.
March 23, 1986
Diversified Equity Investments Inc. has relocated its corporate and partnership offices in San Diego from 835 5th Ave. to the Miramar Galleria at 7128 Miramar Road. Miramar Galleria is a 35,000-square-foot retail-and-office center completed by Diversified Equity Investments.
January 5, 1993 |
All of the more than 250,000 people who had policies with the failed First Capital Life Insurance Co. were guaranteed their money back--eventually--when the company was re-christened Pacific Corinthian Life Insurance Co. on Monday. Under a state-approved rehabilitation plan, Pacific Corinthian customers will be able to collect 100% of the face value of their policies after five years, plus at least 4% annual interest, California Insurance Commissioner John Garamendi said.