Thursday, September 18, 2014
Inquirer Daily News

Steinberg, ex-Reliance boss, dead at 73

Wharton grad's raids financed lavish life

Steinberg, ex-Reliance boss, dead at 73

Saul P. Steinberg, the Wharton-grad corporate raider who used Philadelphia's Reliance Insurance Co. to finance his lavish Manhattan lifestyle, donations to Penn and art museums, and "greenmail" assaults on corporate America, is dead at 73. Brief notice here.

Reliance's 2001 financial collapse and takeover by the Pennsylvania Insurance Department, which, after ending 7,000 jobs, generated losses of over $3 billion for clients like Jefferson Hospital and for insurance industry bailout funds, still ranks as the most expensive wreck in the history of property insurance. Steinberg's insurers paid Pennsylvania a small fraction of the loss to settle a civil lawsuit.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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