Byline: Associated Press
A coalition of insurance-guaranty funds sweetened its offer Tuesday for Executive Life Insurance Co., intensifying the bidding war for the company that was seized when its huge junk-bond investments soured.
The offer would have the insurance industry's own groups take over Executive Life, which had $6.4 billion of its $10.1 billion in assets invested in junk bonds when it was seized six months ago.
Representatives of the National Organization of Life and Health Insurance Guaranty Associations, or Nohlga, said their improved offer was the best of eight competing bids for Executive Life.
California regulators have …
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