He is one name from my past. I worked for insurer Reliance Insurance Company (then under the name of United Pacific/Reliance Insurance Cos.) almost immediately after graduating from California State University, Long Beach in June 1979. I worked there until 1983.
According to Bloomberg.com:
Steinberg once controlled Reliance Group, a New York-based property and casualty insurer. The firm, listing $12.59 billion in assets and $12.87 billion in debts, filed for bankruptcy protection in 2001 after higher-than-expected workers’compensation costs and other claims. Steinberg resigned as chairman that same year, after stepping down as chief executive officer in 2000 after 32 years at the company.
He was one guy who played Monopoly with real buildings and companies. The Los Angeles office of United Pacific/Reliance was to move to a Steinberg-owned office building in Glendale in the late-1980s. They moved to a temporary facility while the office was being remodeled. Before they could move in, Steinberg sold the office building, so they were stuck. The story floating around at the time was that he needed some cash to make a major buy.
To read the full story, go here.
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