National Organization Of Life And Health Guaranty Associations

The two favored bidders for Executive Life Insurance Co. substantially boosted their offers Monday for the failed company only moments before expiration of a final deadline set by Los Angeles Superior Court Judge Kurt Lewin. Based on sketchy details released by the bidders--a French consortium headed by Altus Finance and a partnership led by investment banker Hellman & Friedman--the offers appeared to have been boosted by 3% to 4%, promising policyholders up to 90% of their investment.

A group of state insurance guaranty funds signaled Friday that it may support the sale of Executive Life Insurance Co. to French investors after all, which could hasten the end of a 7-month-old auction for the failed insurer. The National Organization of Life and Health Guaranty Assns., a rival bidder for Los Angeles-based Executive Life, said it is asking its members to back the French group as part of a new rescue plan for the insurer.

The jockeying for position by bidders for failed Executive Life Insurance Co. is continuing this week on hopes that the insurance industry proposal conditionally recommended by Insurance Commissioner John Garamendi last Thursday could still fall through. Among those still maneuvering is Los Angeles-based Broad Inc., which is trying to find a partner for its bid to take over Executive Life.

The two favored bidders for Executive Life Insurance Co. substantially boosted their offers Monday for the failed company only moments before expiration of a final deadline set by Los Angeles Superior Court Judge Kurt Lewin. Based on sketchy details released by the bidders--a French consortium headed by Altus Finance and a partnership led by investment banker Hellman & Friedman--the offers appeared to have been boosted by 3% to 4%, promising policyholders up to 90% of their investment.

The apparent winning bid by a group of state insurance guaranty funds for Executive Life Insurance Co. reflects the industry's efforts to slash its tab for cleaning up the mess by an estimated $800 million and earn some much-needed confidence from the public, regulators and politicians. The bid by the National Organization of Life and Health Guaranty Assns.

A group of state insurance guaranty funds signaled Friday that it may support the sale of Executive Life Insurance Co. to French investors after all, which could hasten the end of a 7-month-old auction for the failed insurer. The National Organization of Life and Health Guaranty Assns., a rival bidder for Los Angeles-based Executive Life, said it is asking its members to back the French group as part of a new rescue plan for the insurer.

The jockeying for position by bidders for failed Executive Life Insurance Co. is continuing this week on hopes that the insurance industry proposal conditionally recommended by Insurance Commissioner John Garamendi last Thursday could still fall through. Among those still maneuvering is Los Angeles-based Broad Inc., which is trying to find a partner for its bid to take over Executive Life.

The apparent winning bid by a group of state insurance guaranty funds for Executive Life Insurance Co. reflects the industry's efforts to slash its tab for cleaning up the mess by an estimated $800 million and earn some much-needed confidence from the public, regulators and politicians. The bid by the National Organization of Life and Health Guaranty Assns.