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- Executive_Life_Insurance_Company abstract "Executive Life Insurance Company (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. At the time, First Executive was the biggest insurer ever to fail, which resulted primarily from money-losing investments in junk bonds. First Executive through Fred Carr had a strong association with Mike Milken and the brokerage firm Drexel Burnham Lambert, whereby at the end of 1990 the company owned high-yield debt, much of it issued through Drexel, with a carrying value of $9 billion. According to Robert Sobel, First Executive was involved in 90% of Drexel's underwritings, which accounted for about $40 billion in bonds from 1982 to 1987.After the State of California took over Executive Life, it sold the company's junk-bond portfolio to Altus Finance, a unit of Crédit Lyonnais, in November 1991 for $3.25 billion. Because banks were prohibited under the Glass–Steagall Act 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 Groupe Artémis in 1994. In July 1998, an anonymous French whistle-blower 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.In 2003, Crédit Lyonnais 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.In 2001, Swiss Re 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 Reinsurance Group of AmericaA 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 MetLife, retaining the structured settlement book of business. Due to mismanagement, ELNY was ordered to liquidate. Guaranty Association Benefits Company took over the assets of ELNY in 2013.".
- Executive_Life_Insurance_Company wikiPageExternalLink www.gabenefitsco.com.
- Executive_Life_Insurance_Company wikiPageExternalLink 51527.htm.
- Executive_Life_Insurance_Company wikiPageID "14168420".
- Executive_Life_Insurance_Company wikiPageLength "5156".
- Executive_Life_Insurance_Company wikiPageOutDegree "17".
- Executive_Life_Insurance_Company wikiPageRevisionID "701380965".
- Executive_Life_Insurance_Company wikiPageWikiLink Category:Defunct_companies_in_the_Greater_Los_Angeles_Area.
- Executive_Life_Insurance_Company wikiPageWikiLink Category:Insurance_companies_of_the_United_States.
- Executive_Life_Insurance_Company wikiPageWikiLink Crédit_Lyonnais.
- Executive_Life_Insurance_Company wikiPageWikiLink Drexel_Burnham_Lambert.
- Executive_Life_Insurance_Company wikiPageWikiLink Glass–Steagall_Legislation.
- Executive_Life_Insurance_Company wikiPageWikiLink Groupe_Artémis.
- Executive_Life_Insurance_Company wikiPageWikiLink Guaranty_Association_Benefits_Company.
- Executive_Life_Insurance_Company wikiPageWikiLink Guaranty_association.
- Executive_Life_Insurance_Company wikiPageWikiLink High-yield_debt.
- Executive_Life_Insurance_Company wikiPageWikiLink MetLife.
- Executive_Life_Insurance_Company wikiPageWikiLink Michael_Milken.
- Executive_Life_Insurance_Company wikiPageWikiLink Reinsurance_Group_of_America.
- Executive_Life_Insurance_Company wikiPageWikiLink Robert_Sobel.
- Executive_Life_Insurance_Company wikiPageWikiLink Structured_settlement.
- Executive_Life_Insurance_Company wikiPageWikiLink Swiss_Re.
- Executive_Life_Insurance_Company wikiPageWikiLinkText "Executive Life Insurance Company".
- Executive_Life_Insurance_Company wikiPageWikiLinkText "Executive Life".
- Executive_Life_Insurance_Company wikiPageWikiLinkText "First Executive".
- Executive_Life_Insurance_Company wikiPageUsesTemplate Template:US-finance-company-stub.
- Executive_Life_Insurance_Company subject Category:Defunct_companies_in_the_Greater_Los_Angeles_Area.
- Executive_Life_Insurance_Company subject Category:Insurance_companies_of_the_United_States.
- Executive_Life_Insurance_Company type Company.
- Executive_Life_Insurance_Company type Company.
- Executive_Life_Insurance_Company comment "Executive Life Insurance Company (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. At the time, First Executive was the biggest insurer ever to fail, which resulted primarily from money-losing investments in junk bonds.".
- Executive_Life_Insurance_Company label "Executive Life Insurance Company".
- Executive_Life_Insurance_Company sameAs Q2825781.
- Executive_Life_Insurance_Company sameAs Affaire_Executive_Life.
- Executive_Life_Insurance_Company sameAs m.03cwpvf.
- Executive_Life_Insurance_Company sameAs Q2825781.
- Executive_Life_Insurance_Company wasDerivedFrom Executive_Life_Insurance_Company?oldid=701380965.
- Executive_Life_Insurance_Company isPrimaryTopicOf Executive_Life_Insurance_Company.