The Fall of First Executive: The House That Fred Carr Built

by Gary Schulte

An insider's account of the largest bankruptcy in the history of the U.S. insurance industry reveals how Fred Carr's insurance empire collapsed, leaving over a million policyholders stranded

288 pages, Hardcover

First published November 1, 1991

Reviews

[Cathryn · Rating 4 out of 5]

I worked for Executive Life Insurance Company of New York (ELNY) for 7 years, right out of high school in 1986 all the way through the takeover by the N.Y.S. Insurance Dept. in 1993. The NY Home Office was in Jericho, NY. Obviously if I was right out of HS I was just a low-level clerk, but by being there up until they closed the doors and moved to the new "In Rehabilitation" office (NYSID) in NYC I saw a lot. During those years it was a great place to work, and I learned a lot. I'm still friends with many of my coworkers from that time. I was so young when I was made redundant and not worried about medical insurance or a salary; I knew I would find another job quickly, and I did. I received a nice severance check for having worked there for seven years as well. I bought a new car with it. OK it was just a Toyota Tercel, but still, it was brand new! HA HA Anyway I remember I found this book interesting and many of the executive's names were familiar and brought back memories, even though it dealt with the parent company in California much more (ELIC).