Altus-Mutuelle bid for ExecLife is given nod by Garamendi.California Insurance Commissioner California Insurance Commissioner is an elected executive office position in California who is in charge of the California Department of Insurance. The current Insurance Commissioner is Steve Poizner. John Garamendi John Raymond Garamendi (born January 24, 1945) is a U.S. politician and a member of the Democratic Party. He became the 46th Lieutenant Governor of California on January 8 2007. recommended a French investor group as the best bidder to buy seized life insurer Executive Life Insurance Co. last week. The group, composed of Altus Finance and Mutuelle Assurance Artisanale de France, is offering to pay $3.25 billion for the company's junk bond junk bond, a bond that involves greater than usual risk as an investment and pays a relatively high rate of interest, typically issued by a company lacking an established earnings history or having a questionable credit history. portfolio as well as $300 million in additional funds to capitalize the new insurance company, which would be named Aurora National Life Assurance Co. Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County Superior Court Judge Kurt Lewin must still make the final decision, although industry analysts said that was merely a formality. Under the plan, 97 percent of policyholders will receive full benefits under the plan, Altus officials said. Aurora National will retain all of Executive Life's present employees and will keep its headquarters in Los Angeles. It will be supervised by a nine-member board of directors and will employ Kenneth O'Brien, former executive vice president of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Life Insurance Co., as chief executive officer and president. |
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