Reliance Group Holdings Inc

Reliance Group Holdings Inc. filed for bankruptcy protection. The New York insurer listed $12.59 billion in assets and $12.87 billion in debts in a Chapter 11 petition filed in U.S. Bankruptcy Court in New York City. The company's Reliance Financial Services Corp. unit also sought bankruptcy protection. Reliance Insurance Co., the main operating unit of the company, was taken over May 29 by Pennsylvania insurance regulators under a state judge's order.

In a dispute pitting two of Wall Street's high-profile titans against each other, billionaire financier Carl Icahn is bidding for bonds of troubled insurer Reliance Group Holdings Inc., which is controlled by former corporate raider Saul Steinberg. The tender offer by Icahn affiliate High River is intended to block a bankruptcy restructuring that Reliance is planning, according to people familiar with the matter, and which High River considers unacceptable.

Deal for Reliance Unit: Aon Corp. said it agreed to acquire Frank B. Hall & Co., a unit of Reliance Group Holdings Inc., for about $475 million. Aon said it will pay Frank B. Hall as much as $125 million in cash and $350 million in preferred stock. The transaction is expected to be completed in the fourth quarter. Aon, with assets of $12 billion, is a holding company whose subsidiaries sell life, accident and health insurance products. Frank B.

Two U.S. companies, Liberty Corp. and Reliance Group Holdings Inc., said Monday that they were selling insurance businesses as part of shifts in strategic direction. Liberty Corp., a broadcasting and insurance holding group, said it agreed to sell its insurance units to Royal Bank of Canada for $650 million. Reliance Group, an insurance company being purchased by Leucadia National Corp.

In a dispute pitting two of Wall Street's high-profile titans against each other, billionaire financier Carl Icahn is bidding for bonds of troubled insurer Reliance Group Holdings Inc., which is controlled by former corporate raider Saul Steinberg. The tender offer by Icahn affiliate High River is intended to block a bankruptcy restructuring that Reliance is planning, according to people familiar with the matter, and which High River considers unacceptable.

Reliance Group Holdings Inc. filed for bankruptcy protection. The New York insurer listed $12.59 billion in assets and $12.87 billion in debts in a Chapter 11 petition filed in U.S. Bankruptcy Court in New York City. The company's Reliance Financial Services Corp. unit also sought bankruptcy protection. Reliance Insurance Co., the main operating unit of the company, was taken over May 29 by Pennsylvania insurance regulators under a state judge's order.

Saul P. Steinberg quit as chief executive of his flagship Reliance Group Holdings Inc. as the insurer moved to shore up its finances, selling its only profitable business unit and eliminating the quarterly dividend. Steinberg, the former corporate raider who once tried to buy Walt Disney Co., was replaced by George R. Baker, a board member of almost 30 years. Reliance also named Baker to replace Robert S. Miller Jr., who resigned as president after three months on the job.

Saul Steinberg's Reliance Group Holdings Inc., teetering on the edge of bankruptcy, has ceded control of its finances to state insurance regulators. In a filing with the Securities and Exchange Commission, Reliance said it agreed Thursday to seek approval from the Pennsylvania Insurance Department before making major financial transactions, including paying dividends, taking significant withdrawals from its bank accounts or selling assets.

Two U.S. companies, Liberty Corp. and Reliance Group Holdings Inc., said Monday that they were selling insurance businesses as part of shifts in strategic direction. Liberty Corp., a broadcasting and insurance holding group, said it agreed to sell its insurance units to Royal Bank of Canada for $650 million. Reliance Group, an insurance company being purchased by Leucadia National Corp.

Saul P. Steinberg quit as chief executive of his flagship Reliance Group Holdings Inc. as the insurer moved to shore up its finances, selling its only profitable business unit and eliminating the quarterly dividend. Steinberg, the former corporate raider who once tried to buy Walt Disney Co., was replaced by George R. Baker, a board member of almost 30 years. Reliance also named Baker to replace Robert S. Miller Jr., who resigned as president after three months on the job.

Financier Saul P. Steinberg became notorious a decade ago by launching hostile corporate takeovers that earned him millions of dollars. Now he's a topic again in corporate circles--this time for actions he didn't take. Though Steinberg's takeover ploys ended with the 1980s, he's still chairman and chief executive of Reliance Group Holdings Inc., a publicly traded insurer based in New York. His family is also Reliance's biggest investor, with a 47% stake.

Reliance's Steinberg Did Have Stroke: Reliance Holdings Group Inc. confirmed that Chairman Saul Steinberg, the takeover strategist, suffered a stroke in June. But the insurer defended its decision to keep the information from shareholders. Steinberg's stroke, first reported on CNBC television on Tuesday, was mild and "not material" to the big insurance company's operations, a Reliance Holdings spokesman said in New York. He is still recuperating at home from some minor paralysis.

Saul Steinberg's Reliance Group Holdings Inc., teetering on the edge of bankruptcy, has ceded control of its finances to state insurance regulators. In a filing with the Securities and Exchange Commission, Reliance said it agreed Thursday to seek approval from the Pennsylvania Insurance Department before making major financial transactions, including paying dividends, taking significant withdrawals from its bank accounts or selling assets.

Financier Saul P. Steinberg became notorious a decade ago by launching hostile corporate takeovers that earned him millions of dollars. Now he's a topic again in corporate circles--this time for actions he didn't take. Though Steinberg's takeover ploys ended with the 1980s, he's still chairman and chief executive of Reliance Group Holdings Inc., a publicly traded insurer based in New York. His family is also Reliance's biggest investor, with a 47% stake.