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September 30, 1992 | From Times Staff and Wire Reports
Virginia OKs Plan for First Capital Unit: Hartford Life Insurance Co. will take over the business of Fidelity Bankers Life Insurance Co., a Virginia-based subsidiary of troubled First Capital Holdings Corp., under a plan approved by the Virginia State Corporation Commission.
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BUSINESS
September 30, 1992 | From Times Staff and Wire Reports
Virginia OKs Plan for First Capital Unit: Hartford Life Insurance Co. will take over the business of Fidelity Bankers Life Insurance Co., a Virginia-based subsidiary of troubled First Capital Holdings Corp., under a plan approved by the Virginia State Corporation Commission.
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BUSINESS
May 14, 1991 | KATHY M. KRISTOF, TIMES STAFF WRITER
State regulators in Virginia seized Fidelity Bankers Life Insurance Co., a subsidiary of Los Angeles-based First Capital Holdings, Monday in an attempt to stem a flood of policy surrenders--the insurer equivalent of a run on a bank. The receivership comes on the heels of a similar action taken Friday against Fidelity Bankers' sister company in California, First Capital Life Insurance Co.
BUSINESS
May 14, 1991 | KATHY M. KRISTOF, TIMES STAFF WRITER
State regulators in Virginia seized Fidelity Bankers Life Insurance Co., a subsidiary of Los Angeles-based First Capital Holdings, Monday in an attempt to stem a flood of policy surrenders--the insurer equivalent of a run on a bank. The receivership comes on the heels of a similar action taken Friday against Fidelity Bankers' sister company in California, First Capital Life Insurance Co.
BUSINESS
June 21, 1995 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Creditors of failed First Capital Holdings Corp. will receive $80 million plus interest under a lawsuit settlement with former directors and officers of the company and its former controlling shareholder, Shearson Lehman Bros. Inc.
BUSINESS
May 22, 1992 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
First Capital Holdings Corp. of Beverly Hills and Acadia Partners, a Ft. Worth investment group that includes billionaire Robert M. Bass, on Thursday announced a new bid for First Capital's Virginia-based insurance subsidiary, Fidelity Bankers Life Insurance Co.
BUSINESS
March 31, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
Insurance regulators said Monday that they have agreed tentatively to sell Fidelity Bankers Life Insurance Co., a subsidiary of troubled Beverly Hills-based First Capital Holdings Corp., to ITT Hartford Insurance Group. Fidelity Bankers, which has $4 billion in assets and 184,000 policyholders nationwide, was seized by Virginia regulators last May after First Capital filed for Chapter 11 bankruptcy because of losses stemming from risky junk bond investments.
BUSINESS
June 25, 1991 | From Staff and Wire Reports
Standard and Poor's Corp., the credit rating agency, said Monday that its outlook for the U.S. life and health insurance industry is negative over the next two years and that more companies may be downgraded if they cannot boost their cash reserves quickly. The agency said that asset quality problems in some of the insurers' real estate and high-yield bond portfolios deepened beyond its expectations and that some companies' capital positions have weakened considerably.
BUSINESS
January 12, 1987 | Associated Press
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.
BUSINESS
February 12, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
First Capital Holdings Corp., the Los Angeles-based company that sought bankruptcy court protection in May, submitted a reorganization plan Tuesday that proposes to pay off some creditors by giving them a stake in its two failed life insurance subsidiaries. The plan, which involves First Capital Life Insurance Co. in San Diego and Fidelity Bankers Life Insurance Co. in Richmond, Va., is contingent on the approval of state insurance regulators and state and federal courts.
BUSINESS
May 21, 1991 | JAMES BATES, TIMES STAFF WRITER
First Capital Holdings Corp., the Los Angeles insurance holding company whose two main units have been seized recently by insurance regulators, on Monday reported a huge $770-million first-quarter loss and disclosed that it is headed for bankruptcy court. Neither the sizable loss nor the disclosure that the company will be filing soon for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code were unexpected.
BUSINESS
April 25, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
State Insurance Commissioner John Garamendi recommended on Friday that Pacific Mutual Life Insurance Co. of Newport Beach take over the failed First Capital Life Insurance Co. The recommendation, subject to court approval, comes two months after Garamendi announced tentative support of a competing bid from New York-based Shearson Lehman Bros. Pacific Mutual, a healthy, 125-year-old insurer with $10.65 billion in assets, offered First Capital policyholders more than any of the other bidders.
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