INSURANCE

First Executive Reorganization Takes Effect: The court-approved reorganization of Los Angeles-based First Executive Corp., the bankrupt life insurance holding company, has taken effect. Under the plan, a majority of the stock in the reorganized First Executive, renamed First Lincoln Holdings, will be distributed to creditors, including lending banks and holders of First Executive notes. The rest of the stock will go to a trust benefiting former First Executive stockholders and owners of structured settlement annuities--mainly accident victims. The slimmed-down company’s main assets are two small insurance companies, First Delaware Life and Lincoln Liberty Life.