INSURANCE

First Executive Reorganization Confirmed: Judge Lisa Hill Fenning of U.S. Bankruptcy Court in Los Angeles gave final approval to a reorganization plan for First Executive Corp., parent of failed Executive Life Insurance Co. Under the plan, proposed last May, Executive Life policyholders will receive certain assets from the parent company, including its interest in lawsuits filed against former company officials, the Drexel Burnham Lambert securities firm and others. First Executive creditors and holders of “structured settlement” annuities from injury or illness claims will also get a stake in a new, slimmed-down First Executive that will operate two small insurance companies.