December 27, 1991 |
A Superior Court judge on Thursday approved the $3.55-billion sale of Executive Life Insurance Co. of California to a French-based investor group, setting into motion the rehabilitation of the failed company. Although the complex transaction promises to provide more than 95% of policyholders with 100 cents on the dollar up to $100,000 of account value, some policyholders will not get their full investment back, at least not immediately.
October 19, 1991 |
At least five sweetened offers were submitted on Friday's final bidding deadline for Executive Life Insurance Co. of California, raising the promised policyholder payouts to as much as 90 cents on the dollar. A group led by investment bankers Hellman & Friedman of San Francisco, Zell/Chilmark of Chicago and New York-based Fund American Cos.
October 8, 1991 |
The French-based investment group that has made a $3-billion bid for failed Executive Life Insurance Co. will revise its offer this week in an effort to make it more attractive to policyholders. Officials of the group, which includes Altus Finance and Mutuale Assurance Artisanale de France, said Monday that the revisions will allow policyholders greater access to their investment funds and will fix a handful of problems that agents and policyholders had complained about.
August 8, 1991 |
State insurance regulators announced an agreement Wednesday to rescue Executive Life Insurance Co. of California--the industry's biggest junk bond casualty--by selling it to a French consortium in a complicated deal worth $3 billion. The proposed transaction promises to pay most of Executive Life's policyholders at least 81 cents on their investment dollar.
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.
June 18, 1992 |
The buyout of Executive Life Insurance Co. by a French investment group is being threatened by a delay in final court approval of the $3.55-billion deal, leaving most of the firm's 400,000 policyholders without access to their funds. A group led by Mutuelle Assurances Artisanale de France agreed earlier this year to buy Executive Life, a Los Angeles-based insurer that failed in April, 1991. The deal, which would provide most policyholders 100 cents on the dollar, must be completed by June 30.
March 23, 1993 |
California Insurance Commissioner John Garamendi's plan for rehabilitating Executive Life Insurance Co. was dealt a huge blow Monday when a state appellate court threw out several parts of his proposal. The decision marked a major victory for big investors holding so-called municipal guaranteed investment contracts.
November 19, 1991 |
Hearings to determine who should be allowed to buy failed Executive Life Insurance Co. began Monday in Los Angeles Superior Court amid uncertainty about the insurer's rehabilitation caused by another court ruling. Judge Kurt Lewin ruled Friday that investors who bought $1.85 billion in municipal bonds backed by guarantee insurance contracts issued by Executive Life should be afforded the same protections as policyholders.
November 24, 1991 |
Mutuelle Assurance Artisinale de France, the firm favored to take over failed Executive Life Insurance Co., is a small, marginally profitable insurer known mostly for discount auto coverage and headed by a man with only one year of experience in insurance. The insurance business of MAAF, which has teamed with Altus Finance in a bid for the failed Los Angeles company, is less than half the size of the $10-billion Executive Life. MAAF also has limited experience in the life insurance sector.