First Capital Holding Corp

First Capital Holding Corp.'s creditors committee announced Wednesday that it had teamed up with Leucadia National Corp., the parent of Colonial Penn Life Insurance Co., to submit a buyout bid for troubled First Capital Life Insurance of San Diego. Details of the bid were not disclosed. But the group said its bid will provide more value to First Capital Life policyholders than a competing offer previously made by Shearson Lehman Bros.

First Capital Holding Corp.'s creditors committee announced Wednesday that it had teamed up with Leucadia National Corp., the parent of Colonial Penn Life Insurance Co., to submit a buyout bid for troubled First Capital Life Insurance of San Diego. Details of the bid were not disclosed. But the group said its bid will provide more value to First Capital Life policyholders than a competing offer previously made by Shearson Lehman Bros.

Douglas F. Marcian been named senior vice president-investments at Executive Life Insurance Co., Los Angeles. Marcian previously was vice president-investments at First Capital Holding Corp.

Three of the four groups bidding for control of failed First Capital Life Insurance Co. of San Diego amended their offers Friday, sweetening their buyout proposals just before the deadline for revisions set by California officials. Shearson Lehman Bros., Pacific Mutual Insurance and Transamerica Occidental Life made moderate revisions to their bids for the insurance firm, which was seized by regulators last May after its parent company--junk bond-laden First Capital Holding Corp.