Steinberg, Saul Phillip

Steinberg, Saul Phillip

(1939–  ) financial executive; born in New York City. A 1959 graduate of the Wharton School at the University of Pennsylvania, he engineered one of the first modern corporate raids at age 28, when, borrowing heavily, he took over Reliance Insurance Co. of Philadelphia. He built Reliance Group Holdings, a financial services firm, on the base of the insurance company. In 1969, he failed in a spectacular attempt to take over the giant Chemical Bank (New York City).