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told the
California Insurance Department that Crédit Lyonnais was the real buyer of the insurance company and controlled it through secret agreements. In early 1999, the California Insurance Department sued the bank and other parties, alleging fraud and seeking $ 2 billion in restitution.
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and others agreed to pay $ 771 million in settlements resulting from false statements to bank regulators in connection with the acquisition of junk bonds and the insurance business of the failed
Executive Life Insurance Company of California.
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from owning insurance companies, Crédit
Lyonnais organized an investor group to buy the insurance company operations, with the new company named Aurora National Life Assurance Co. Majority control of Aurora National was sold to
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79:(ELIC) was once the largest life insurance company in California. Its financial problems and subsequent insolvency in April 1991 shocked its policyholders and the financial world.
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book of business. Due to mismanagement, ELNY was ordered to liquidate. Guaranty
Association Benefits Company took over the assets of ELNY in 2013.
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took control of the Aurora
National Life policies; Swiss Re fully acquired Aurora National Life in 2012. In 2014, Aurora National Life was sold to
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A subsidiary, Executive Life
Insurance Company of New York (ELNY), was seized by the state of New York, who sold the majority of the business to
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102:, First Executive was involved in 90% of Drexel's underwritings, which accounted for about $ 40 billion in bonds from 1982 to 1987.
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After the State of
California took over Executive Life, it sold the company's junk-bond portfolio to Altus Finance, a unit of
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At the time, First
Executive was the biggest insurer ever to fail, which resulted primarily from money-losing investments in
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Coffin, Bill; Festa, Elizabeth; Hersch, Warren S.; Stanley, Michael; Moynihan, Shawn (November 2012).
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259:"Credit Lyonnais and Others to Plead Guilty and Pay $ 771 Million in Executive Life Affair"
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98:, much of it issued through Drexel, with a carrying value of $ 9 billion. According to
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This article about a financial services corporation of the United States is a
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284:"Swiss Re Affiliate Acquires Policies Of Executive Life Successor"
86:. First Executive through Fred Carr had a strong association with
328:"Reinsurance Group buying Aurora National Life : Business"
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Rossant, John (July 29, 2001). "The Sword over
Lyonnais".
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473:Defunct companies based in Greater Los Angeles
463:Life insurance companies of the United States
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308:"Aurora National Life deal closed in August"
70:Executive Life Insurance Company of New York
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118:in 1994. In July 1998, an anonymous French
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353:National Underwriter Life & Health
385:Guaranty Association Benefits Company
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202:"What Fred Carr's Fall Means to You"
263:United States Department of Justice
261:(Press release). Washington, D.C.:
416:. You can help Knowledge (XXG) by
390:Life Insurance For Elderly Parents
16:Defunct American insurance company
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222:"The French Connection - Forbes"
183:, Insolvencies and Impairments,
181:Executive Life Insurance Company
77:Executive Life Insurance Company
20:Executive Life Insurance Company
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140:Reinsurance Group of America
468:Defunct insurance companies
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355:. Centennial, Colorado:
349:"The Complete ELNY Saga"
90:and the brokerage firm
92:Drexel Burnham Lambert
357:Summit Business Media
151:structured settlement
163:Guaranty association
265:. December 18, 2003
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111:Glass–Steagall Act
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200:(May 6, 1991).
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100:Robert Sobel
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66:Subsidiaries
59:Robert Sobel
35:Headquarters
247:. New York.
210:. New York.
88:Mike Milken
55:Mike Milken
457:Categories
333:2015-01-05
313:2015-01-05
293:2015-01-05
269:2013-11-24
227:2015-01-05
169:References
84:junk bonds
48:Key people
40:California
134:In 2001,
126:In 2003,
52:Fred Carr
29:insurance
157:See also
136:Swiss Re
25:Industry
187:website
147:MetLife
185:NOLHGA
207:Money
414:stub
364:2013
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