Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

A Buyer For Executive Life


In Business This Week

A BUYER FOR EXECUTIVE LIFE

On Aug. 6, four months after seizing Executive Life Insurance of California, state Insurance Commissioner John Garamendi signed an agreement to sell Executive Life's policies and other assets to a French group led by Paris-based insurer MAAF. At the same time, Garamendi sold Executive Life's junk bonds to Altus Finance, an investment arm of Credit Lyonnais, for $2.7 billion. At a press conference announcing the transactions, Garamendi also confirmed that the U. S. Justice Dept. is investigating Executive Life's pre-seizure business practices.EDITED BY HARRIS COLLINGWOOD


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus