Delaware Life CEO Denies Knowledge of $20 Billion Loans

Dan Towriss, the chief executive officer of Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., informed federal prosecutors and state regulators that he had no knowledge of more than $20 billion in loans made by the insurance firms to other businesses owned by sports mogul Mark Walter.

Towriss provided these statements during a voluntary interview with the U.S. Department of Justice in New York in late August. He also relayed the same information during recent discussions with the Delaware Department of Insurance. The investigation centers on the movement of funds from the two insurance companies to other entities controlled by Walter.