Executive Life May Get Better Bid, Officials Say

From Associated Press

State insurance regulators said Wednesday that they still believe that someone will better last week’s French-led rescue bid for Executive Life Insurance Co., but they refused to say who it might be.

“We are going to get whatever penny is available from any source,” said attorney Karl Rubinstein, special counsel to state Insurance Commissioner John Garamendi. “There are other interested bidders.”

Garamendi said last Wednesday that one additional buyer was very interested in state-seized Executive Life, and that three others had expressed some interest.

But he refused to identify them. He said he would let the potential investor reveal itself, something that hasn’t occurred in the week since the French bid was announced.