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Former Reliance chairman Saul Steinberg dies

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Former Reliance Group Holdings Inc. Chairman Saul Steinberg died last week at the age of 73 in New York.

Mr. Steinberg, who rose to national attention as a corporate raider, bought Philadelphia-based Reliance in 1968. But the company and Mr. Steinberg fell on hard times during the 1990s, and the New York stock exchange delisted Reliance in 2000.

A 2000 Business Insurance story said the insurer was “done in by a huge debt burden and dismal underwriting results. Mr. Steinberg, it turned out, had also taken on large personal debts and has been forced to sell assets.”

In 2001, Pennsylvania insurance regulators gave up their effort to rehabilitate Reliance and placed the insurer in liquidation.