News In Brief

A controversial California-based insurance company has put itself up for sale, but under circumstances that may cause regulators to step in if a deal is reached, the Los Angeles Times reported. Aurora National Life Assurance Co. of Santa Monica, which has been negotiating with Zurich, Switzerland-based Swiss Re, is French-owned. But the California Insurance Commission, concerned that Aurora may yet be named in litigation involving insurance and junk-bond portfolios, wants to keep the proceeds of a sale from being taken to France, where they'd be out of its reach before the litigation is resolved. Aurora has 180,000 policyholders and $4.4 billion in assets.

(c) Copyright 2000. The Christian Science Publishing Society

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...