INSURANCE
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Executive Life Sale Approved: Los Angeles Superior Court Judge Kurt Lewin approved the sale of Executive Life Insurance Co. to a group led by Altus Finance and Mutuelle Assurances Artisanale de France. The approval allows the immediate transfer of the failed insurer’s junk bonds to Altus in exchange for a cash payment of $3.25 billion. However, policyholder obligations will not be transferred to the new company until a second set of court hearings are completed. Those hearings are set to start Feb. 25.
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