First Executive to Release Financial Data : Insurance: One of the ailing firm’s largest shareholders will get the information after pledging confidentiality.

First Executive Corp., the troubled life insurance concern, agreed to turn over detailed financial information about the company to one of its largest shareholders, Rosewood Financial Partners.

Texas-based Rosewood said it entered into a confidentiality agreement that will allow it to receive the data and thus help “determine the feasibility” of Rosewood’s long-stated goal of bringing about a recapitalization or reorganization of First Executive.

First Executive, based in Los Angeles, also agreed to consider expanding its board to include outside directors recommended by Rosewood. But the accord doesn’t bind First Executive to accepting the candidates. Rosewood committed itself to voting for Albert G. Handschumacher, an incumbent board member, at First Executive’s annual meeting July 30 and agreed not to mount any proxy fights against the company.

The agreement was disclosed in a filing Rosewood made with the Securities and Exchange Commission. In over the counter trading, First Executive’s stock closed Tuesday at $3.0625 a share, down 18.75 cents from Monday.

Rosewood, part of a holding company set up under a trust that benefits Dallas oil heiress Caroline Rose Hunt, holds about 10% of First Executive’s shares. Rosewood has been sharply critical of the management of First Executive by its longtime chairman, Fred Carr. Rosewood in January proposed an acquisition of First Executive on the condition that Carr resign, but the proposal was rejected by First Executive’s board.

More recently, Rosewood proposed naming Donald F. Craib Jr., former chairman and chief executive of Allstate Insurance Group, to First Executive’s board. That too was rejected by First Executive. Charles Tusa, a spokesman for Rosewood Corp., the parent company of Rosewood Financial, declined to discuss the SEC filing. He also refused to say whether Rosewood may again propose Craib’s name.

First Executive’s fortunes have sagged under the weight of its enormous investment in junk bonds, which make up about 45% of the company’s invested assets. In a written statement, First Executive said Tuesday that there was no assurance Rosewood actually will make a new bid for the company.

In signing the confidentiality agreement, Rosewood agreed to keep any data it receives secret. It also agreed not to turn over the data to any potential financial backers without first notifying First Executive in writing.

Sources have confirmed that the investment firm Kidder, Peabody & Co. has been looking for a buyer for all or part of First Executive’s assets, and there has been considerable speculation that Kidder’s parent company, General Electric, might make a bid for First Executive’s junk-bond holdings. But Kidder and GE have declined to comment, and a Kidder spokeswoman couldn’t be reached Tuesday.