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DIRECTOR OF TRANSITION PLANNING FOR THE MAAF-LED INVESTOR GROUP ISSUES STATEMENT ABOUT COMMISSIONER GARAMENDI'S RECOMMENDATION

DIRECTOR OF TRANSITION PLANNING FOR THE MAAF-LED INVESTOR GROUP

ISSUES STATEMENT ABOUT COMMISSIONER GARAMENDI'S RECOMMENDATION
    LOS ANGELES, Nov. 14 /PRNewswire/ -- John F. Hartigan, director of transition planning for the MAAF-led investor group and a senior partner in the Los Angeles office of Morgan, Lewis & Bockius issued the following statement after California Insurance Commissioner John Garamendi's recommendation that its bid be accepted for Executive Life Insurance Company:
    "We are obviously pleased with the commissioner's recommendation. However, today's real winners are Executive Life's policyholders who will become part of one of the safest, most secure insurance companies in the industry.  Commissioner Garamendi and his staff deserve high praise for the rehabilitation process that they initiated and the way in which it was conducted.  The process has been rigorous, has provided significantly enhanced value for policyholders, and has always been handled with only the best interest of policyholders' in mind.  We would also like to commend the other bidders, especially the Hellman/Zell/Chilmark/Byrne group and NOLHGA.  They have acted professionally throughout the process and have significantly added value for policyholders.
    We look forward to the court's confirmation of the commissioner's recommendation and, once that process is complete, we intend to close this transaction and for Aurora to begin meeting the present and future needs of policyholders.
    We told the commissioner last week that we plan to retain all of Executive Life's present employees, as well as to keep its headquarters in Los Angeles.  We've appointed an independent board of directors consisting of nine people with diverse business backgrounds, including Kenneth O'Brien, former executive vice president of New York Life Insurance Company, will serve as Aurora's interim president and chief executive officer.  Aurora will begin with one of the safest, most secure base of assets in the insurance industry.  We are anxious to get started on the task of transforming this company into one of the finest in the insurance industry."
     This material is prepared, edited, issued or circulated by Powell Tate, a Cassidy company, which is registered with the Department of Justice, Washington, D.C., under the Foreign Agents Registration Act as an agent of New California Life Holdings, Inc. and Altus Finance.  This material is filed with the Department of Justice where the required registration statement is available for public inspection.  Registration does not indicate approval of the contents of the material by the United States Government.
    -0-                  11/14/91
    /CONTACT:  Michael Sitrick or Jeffrey Lloyd of Sitrick and Company, 213-788-2850; or Jody Powell or Dale Leibach of Powell Tate, 202-347-8713/ CO:  Executive Life Insurance Company ST:  California IN:  INS SU: EH-SE -- LA026 -- 4565 11/14/91 16:21 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 14, 1991
Words:441
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