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                                                                   Exhibit 10.19

                              [AETNA LETTERHEAD]

                              151 Farmington Avenue        MARY ANN CHAMPLIN
                              Hartford, CT 06156-3124      Aetna Human Resources

April 3, 1996

John W. Coyle

Dear John:

This letter will confirm our understanding regarding the terms and conditions
under which Aetna Life and Casualty Company (the "Company") will pay you a
retention bonus (the "Bonus") and provide certain other benefits in connection
with the continuation of your services with the Company and its affiliates
through June 27, 1997.

1.       Retention Bonus. You will be entitled to receive a Bonus in the amount
         of $60,000 (less income and employment taxes, and other amounts
         required to be withheld under any applicable Federal, state or local
         law or regulation) on June 27, 1997, if

         (i)      on that date you remain employed by the Company or its
                  affiliates; or

         (ii)     before that date you have been involuntarily terminated from
                  employment under circumstances which call for the payment of
                  benefits under the Company's job elimination/separation
                  program then in effect.

2.       Severance. In the event the Company terminates your employment under
         circumstances which call for the payment of severance under the
         Company's job elimination/separation program then in effect, you will
         be entitled to receive no less than 52 weeks of severance upon the
         delivery to the Company of a release in the Company's customary form.

3.       ACE Shares/APEX Award. In the event the Company terminates your
         employment prior to June 27, 1997 under circumstances which call for
         the payment of severance under the Company's job elimination/separation
         program then in effect, you will not forfeit your award(s) but will
         receive a pro rata award based on your active employment with the
         Company to the extent performance criteria as outlined in the award
         agreement(s) are met.

4.       Stock Option Grant. The Company has granted you an option, having a
         ten-year term to purchase 2,000 shares of the Company's common stock at
         an exercise price of $75.50, subject to terms and conditions as
         outlined in the option agreement to be sent to you under separate
         cover.
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April 3, 1996

5.       Other.

         a.       This letter agreement shall be governed by, construed and
                  enforced in accordance with the laws of the State of
                  Connecticut without reference to principles of conflict of
                  laws, and may not be amended or modified other than by written
                  agreement executed by the parties hereto or their respective
                  successors or legal representatives.

         b.       Any litigation or other proceeding commenced by either party
                  to this letter agreement for the purpose, in whole or in part,
                  of enforcing the agreement or the parties' respective rights
                  or obligations hereunder shall be commenced in the federal or
                  state courts of Connecticut.

This letter agreement is not intended to constitute an employment contract and
shall not limit the Company's right to terminate your at-will employment at any
time.

If the foregoing is acceptable to you, please sign both of the original copies
of this agreement in the space indicated below and return one of the signed
originals to me.

Very truly yours,

Aetna Life and Casualty Company

By:    /s/ Mary Ann Champlin
   -----------------------------------------

Agreed to and Accepted:

           /s/ John W. Coyle                         April 12, 1996
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                                                     Date<PAGE>   1
                                                                   EXHIBIT 10.20

                               [AETNA LETTERHEAD]

April 28, 1999

Mr. L. Edward Shaw, Jr.
9 Carriage House Lane
Mamaroneck, NY  10543

Dear Ed:

On behalf of Aetna, I am pleased to offer you the position of Senior Vice
President and General Counsel. The specifics of the offer are as follows:

1.   Starting Date:  To be determined, but as soon as possible.

2.   Base Salary: Your base salary will be $450,000 per annum payable in
     accordance with Aetna's regular payroll practices (currently biweekly).
     This will be reviewed on the basis of your performance during our annual
     salary review process in April, 2000 and annually thereafter. The Company
     may also from time to time review and adjust salaries to reflect
     appropriate compensation for each position.

3.   Annual Incentive Program: You will be eligible for consideration for an
     award under the Company's annual incentive program beginning with the 1999
     performance year (payable in 2000) as long as the plan is in effect. Your
     target bonus is 80% of base salary with a 160% payout for maximum
     performance. For performance year 1999, you will receive a minimum
     guaranteed bonus of 80% of your base salary. Each year thereafter, while
     you are employed by the Company, you will be eligible for consideration for
     additional awards under the annual incentive program while the plan remains
     in effect.

4.   Long-Term Incentive Program: We will recommend that you be awarded 8,000
     ACEShares for a performance cycle ending December 31, 2002. This award will
     vest, if at all, only upon attainment of performance objectives determined
     by the Company's Board Committee on Compensation and Organization as set
     forth in the ACEShares Award Agreement. You will be eligible for
     consideration of additional awards under the Company's long-term incentive
     program while that program remains in effect.

5.   Stock Options: We will recommend that you be granted options to purchase
     50,000 shares of Aetna common stock. The option for 25,000 shares will be
     based on the closing price of Aetna common stock and the option for the
     remaining 25,000 shares will be based on 110% of the closing price of Aetna
     common stock each on the effective date of the grant (no earlier than the
     date you begin work), in accordance with Company option grant practices.
     These options are not exercisable for the first year after the date of
     grant and will vest in three equal annual installments as set forth in each
     Stock Option Award Agreement. Beginning in 2000
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Mr. L. Edward Shaw, Jr.
April 28, 1999
Page 2

     and thereafter while employed by Aetna, you will be eligible for
     consideration for periodic stock option grants while the plan remains in
     effect.

6.   Retirement Benefits: You will automatically participate in the Company's
     non-contributory cash balance pension plan. Service will be credited from
     your date of hire when you meet the plan's eligibility and vesting
     requirements. You will also be eligible to enroll in the Company's 401(k)
     plan once you begin work. An enrollment kit will be sent to your home
     within two to three weeks of your employment start date. Under the plan,
     the Company will match 5% of your regular base pay and annual bonus
     amounts.

7.   Other Benefit Plans: You will be eligible to participate in our
     contributory flexible welfare benefit plan. Coverage for medical, dental,
     life, dependent life, spending accounts and accident benefits will become
     effective on the first of the month following the date you begin. If you
     begin work on the first of the month, your benefits will become effective
     immediately.

8.   Financial Planning: You will be eligible to participate in our executive
     financial planning program, including tax preparation, through one of two
     recognized vendors, up to the limit of the program ($7,500 first year).

9.   Severance Pay: If your employment is involuntarily terminated under
     circumstances that would call for benefits under the Company's severance
     and salary continuation plan then in effect, you will receive payment for
     52 weeks of salary continuation in lieu of amounts payable under such
     severance and salary continuation plan upon delivery of a release of any
     employment-related claims and covenants in form and substance satisfactory
     to the Company.

10.  Change in Control: In the event your employment is terminated under
     circumstances that would call for severance pay benefits after a Change in
     Control of the Company, as defined in the Company's severance and salary
     continuation benefits plan, you will receive 156 weeks of salary
     continuation (instead of the 52 weeks referenced in Paragraph 9 above) in
     lieu of amounts payable under the plan upon delivery of a release of any
     employment-related claims and covenants in form and substance satisfactory
     to the Company. In addition, all of your unvested stock options will vest.

11.  Paid Time Off (PTO) Bank: For the purpose of PTO Bank accrual only, you
     will earn PTO Bank days assuming you have 10 years of service. This means
     you will earn an annual PTO Bank of 28 days (8 days deposited on January 1
     and 2 days per month for the period February through November). In your
     first calendar year of employment, you will earn 19 PTO Bank days. The PTO
     Bank includes time out of the office for vacation, personal time, family
     illness and individual sick days.

12.  Sign-On Bonus: A one-time gross payment of $50,000, less applicable taxes
     and withholding, will be made as soon as possible after you begin work at
     Aetna in recognition of your career move. In the event of your voluntary
     departure of your termination for misconduct within 12 months of your start
     date, you will be responsible to repay a prorated portion of the sign-on
     bonus.
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Mr. L. Edward Shaw, Jr.
April 28, 1999
Page 3

13.  The Company will assist you with relocation expenses associated with your
     move from New York to Connecticut. A counselor from Cendant Mobility will
     be in touch with you directly. This benefit will remain available to you
     for 24 months from your employment date. In the event of your voluntary
     departure or your termination for misconduct within 12 months of your start
     date, you will be responsible to repay a prorated portion of the relocation
     expenses related to your move.

14.  Contingencies: This offer is made based on your representation that you are
     not subject to any restrictive covenants with any present and/or former
     employers and is contingent upon (1) completion of the enclosed job
     application form; (2) receipt of documents which show you are legally
     entitled to work in the United States (bring with you on first day); (3)
     successful completion of a pre-employment urinalysis drug test (more
     information to follow upon acceptance); (4) execution and delivery to the
     Company of the enclosed Restrictive Covenant Agreement on or before your
     start date; and (5) successful completion of a background review.

You should understand that this letter is not an employment contract. Your
employment is at-will and may be terminated by you or the Company without cause
or notice and reflects our expectation that this employment relationship will be
mutually beneficial. The enclosed "Employee Benefits Handbook and Summary Plan
Descriptions" describes the Company benefit programs including those referred to
earlier in this offer letter.

I am delighted to extend this offer to you and look forward to your acceptance.
As we discussed, this offer is subject to the approval of Aetna's Board of
Directors and its Committee on Compensation and Organization. Please acknowledge
your acceptance of this offer by initialing the enclosed copy of this letter,
completing the enclosed employment application and returning both to me. If you
have any questions or would like to discuss the terms of our offer, please do
not hesitate to call me. I will advise you as soon as our Board and Committee
have met.

Sincerely,

/s/ Richard L. Huber

Enclosures

Accepted:

/s/ L. Edward Shaw, Jr.                      4-28-99
-------------------------------              -----------------------------------
    L. Edward Shaw, Jr.                      Date

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