President of First Executive Is Named to California Unit

Alan C. Snyder, president of First Executive Corp., has been named acting chief operating officer of Executive Life Insurance Co. of California, which was seized by regulators last month because of huge losses in the company’s investment portfolio and other financial woes.

A spokesman for the California Department of Insurance said Snyder was chosen for the postion because he was a relative newcomer at First Executive and was not involved in creating the company’s problems.

Still, Snyder “has a good familiarity” with Executive Life so he was in a good position to handle some of the day-to-day responsibilities, such as dealing with policyholders and personnel, said Bill Schulz, an insurance department spokesman.

Snyder, who joined First Executive in January, 1990, previously served as managing partner of Shinnecock Partners, a New York investment management firm.

He had known Fred Carr, First Executive’s controversial chief executive, since the 1960s when Carr was still a Wall Street investment manager. Later, Snyder marketed First Executive insurance products while working as the head of insurance sales for Dean Witter, a First Executive spokesman said.

Carr said in a First Executive newsletter a year ago that Snyder, 44, was a “standout choice” for the presidency of First Executive because of his extensive experience as a corporate executive and entrepreneur.

However, insurance regulators, who ousted Carr and several other officers from positions at Executive Life, said Snyder’s responsibilities are still “somewhat limited.” He will not handle legal or financial matters, Schulz said.

State regulators took control of Executive Life last month after the company reported a $466-million fourth-quarter loss and hundreds of policyholders rushed to cash in policies.