North Carolina

Greg Lindberg Announces Sale of His North Carolina Insurers For $307 Million

Published

2 years ago

December 5, 2022

Greg Lindberg Announces Sale of His North Carolina Insurers For 7 Million

DURHAM, N.C., Dec. 5, 2022 /PRNewswire/ — A binding inventory buy settlement for the sale of all of Greg Lindberg’s North Carolina insurance coverage firms was signed on Friday, Lindberg reviews. The sale of inventory by GBIG Capital, LLC to Common Monetary Holdings, LLC will enable all 4 of Lindberg’s North Carolina insurance coverage firms to exit rehabilitation and can enable policyholders to entry all of their coverage advantages upon closing, Lindberg says.

“The client group is backed by reinsurance from an funding agency with over $1 billion in capital below administration and features a well-respected former insurance coverage regulator,” Lindberg reviews.

Upon completion of this sale transaction, together with belongings held in reinsurance trusts, the North Carolina insurers previously owned by Lindberg may have $337 million of capital and surplus and may have $3.22 billion in whole belongings. Whole money and liquid belongings, together with belongings held in reinsurance trusts, shall be $2.1 billion which is equal to roughly 95% of the present annuity account worth – a very excessive liquidity quantity in relation to annuity account worth.

“With $337 million in capital and surplus and $2.1 billion in liquidity the insurance coverage firms will likely be able of wonderful monetary power to fulfill all policyholder obligations,” Lindberg reviews.

International-Progress associated belongings which are backing policyholder liabilities (apart from belongings within the surplus account) shall be not more than $462 million and shall include belongings which are absolutely underwritten and authorized by the customer group, Lindberg says. All of those belongings are in current change of management or change of possession trusts with unbiased trustees which were authorized by quite a few regulatory our bodies, lenders, and banks as being not affiliated or managed by Greg Lindberg.

Lindberg says that the sale is contingent on approval of the brand new possession group from the North Carolina Division of Insurance coverage.

“I’ve carried out my half to guard policyholders. Now it is as much as NC Insurance coverage Commissioner Mike Causey to do his half and approve this sale so policyholders can entry their funds,” Lindberg says.

As soon as this sale transaction closes policyholders will be capable of entry their full coverage advantages, Lindberg says.

“Mr. Lindberg has endured quite a few federal and state claims concerning his insurance coverage operations over the past 4 years. This sale signifies that these claims have been demonstrably false,” says Susan Estrich, spokesperson and legal professional for Lindberg. “It is time to cease canine piling claims on Lindberg and permit this sale to proceed so policyholders can entry their funds,” says Estrich.

Lindberg reviews that International Progress has over $1.2 billion in pending transactions to facilitate International Progress’s exit from the insurance coverage enterprise. “The fixed stream of false accusations about me and my firms solely serves to hurt our entry to capital markets. None of this helps policyholders,” Lindberg says.

About Greg Lindberg. Greg Lindberg is an entrepreneur, a management coach, an writer, and a father. His newest e-book describing his time at Federal Jail Camp Montgomery might be downloaded at www.greglindberg.com or bought on Amazon. Over the course of his profession, he has acquired and reworked greater than 100 firms that had been both failing or underperforming, every time discovering and empowering nice expertise—individuals with the identical dedication to laborious work, studying, entrepreneurship, and a roll-up-your-sleeves perspective. Immediately, these firms are price billions of {dollars} and make use of 7,500 individuals. In 2020, he based Interrogating Justice, a non-profit group whose mission is to deliver consciousness and assist advance options that maintain corrupt authorities actors accountable, guarantee equity in sentencing, help reentry, and supply entry to justice for all. To study extra go to:https://interrogatingjustice.org/

SOURCE Greg Lindberg

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North Carolina

Most NC schools don’t have carbon monoxide detectors in classrooms

Published

2 hours ago

July 31, 2024

Press Room

Most NC schools don’t have carbon monoxide detectors in classrooms

Thousands of school buildings in North Carolina, including many in Wake County, do not have carbon monoxide detectors.

On Wednesday, state schools leaders will look at how to address that. Talks are happening inside the state education building about ways to keep your student safe.

On Wednesday, we’ll get a breakdown of what it would take to install carbon monoxide detectors in schools.

State education leaders will be reviewing a report Wednesday afternoon. It shows most North Carolina schools don’t have them.

In Wake County, about 200 school buildings don’t have the devices. That’s more than a third of school buildings in the county. It would cost about $2.1 million to get them installed. It would cost $40 million to install them in schools across the state.

Nikki James Zellner with CO Safe Schools said not having these detectors puts children at risk.

“We think that we’re protected when we’re going into these establishments,” she said. “We think that our children are protected, but in reality, we’re relying on institutional standards that haven’t really been updated in a significant amount of time.”

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North Carolina

North Carolina governor says Harris 'has a lot of great options' for running mate

Published

9 hours ago

July 31, 2024

Press Room

North Carolina governor says Harris 'has a lot of great options' for running mate

SUPPLY, N.C. — A day after confirming he wouldn’t be a candidate for Vice President Kamala Harris’ running mate, North Carolina Gov. Roy Cooper said Tuesday at a public event that he’s excited that Democrats “have a lot of great options for her to choose from.”

Speaking in coastal Brunswick County with U.S. Environmental Protection Agency Administrator Michael Regan to celebrate federal funding for land conservation, Cooper reiterated his Monday message by saying “this was not the right time for our state or for me to potentially be on a national ticket.”

Cooper, barred by term limits from seeking reelection this year, had been among roughly a dozen potential contenders that Harris’ team was initially looking at for a vice presidential pick. He’s been a surrogate for President Joe Biden’s reelection bid and now for Harris.

“I am going to work every day to see that she is elected,” Cooper told WECT-TV. “I believe that she will win, and I look forward to this campaign because she has the right message and she is the right person for this country.”

In making his decision, Cooper confirmed Tuesday that he was concerned in part about what Republican Lt. Gov. Mark Robinson could do if he left the state to campaign as part of the Democratic ticket. The state constitution says that “during the absence of the Governor from the State … the Lieutenant Governor shall be Acting Governor.” Robinson is running for governor this fall.

“We had concerns that he would try to seize the limelight because there would be a lot, if I were the vice presidential candidate, on him, and that would be a real distraction to the presidential campaign,” Cooper said.

Cooper pointed to when he traveled to Japan last fall on an economic development trip. As acting governor at the time, Robinson held a news conference during his absence to announce he had issued a “NC Solidarity with Israel Week” proclamation after the Oct. 7 Hamas attack inside the country.

Cooper also said Tuesday that he informed Harris’ campaign “early in the process” that he would not be a candidate, but that he didn’t reveal publicly that decision at first so as not to dampen enthusiasm for Harris within the party.

“My name had already been prominently put into the media and so I did not want to cause any problems for her or to slow her great momentum,” he told WRAL-TV while in Supply, located about 160 miles (258 kilometers) south of Raleigh. Cooper said he announced his decision when “there had begun to be a lot of speculation about the fact that I was not going to be in the pool of candidates, and in order to avoid the distraction of the speculation.”

Tuesday’s event at Green Swamp Preserve celebrated a $421 million grant for projects in North Carolina, South Carolina, Virginia and Maryland to reduce climate pollution. The money will be used to preserve, enhance or restore coastal habitats, forests and farmland, Cooper’s office said.

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North Carolina

Josh Heupel Explains Important of North Carolina To Tennessee Vols

Published

16 hours ago

July 30, 2024

Press Room

Josh Heupel Explains Important of North Carolina To Tennessee Vols

The state of North Carolina is uber-important to the Tennessee Volunteers on the recruiting trail and should only get more important in the coming years.

The Tennessee Volunteers are currently on a hot streak on the recruiting trail. They added commitments from Toombs County safety Lagonza Hayward and Derby High School tight end Da’Saahn Brame over the weekend, putting them at the No. 8 overall class in the 2025 cycle. They still have several important announcements in the near future, several from the state of North Carolina.

The Vols have been adamant about successfully recruiting the state of North Carolina for years, and as more blue-chip talent continues to come from the Tarheel state, the more Tennessee will spend its time within that footprint. They’re firmly in the race for Providence Day School offensive tackle David Sanders Jr., who ranks as the No. 2 prospect in the 2025 class. He announces his decision on August 17th, and the North Carolina native is quite high on the Vols.

Additionally, Grimsley High School quarterback Faizon Brandon decides between Alabama, LSU, North Carolina State, and Tennessee this weekend. The No. 9 prospect in the 2026 class also hails from North Carolina and is Tennessee’s top target at the quarterback position.

There are plenty of examples of future standouts coming from the state and past ones who’ve made an impact at the University of Tennessee – the school’s first 1,000-yard rusher since 2015 was North Carolina native Jaylen Wright, who was selected in the fourth round of the 2024 NFL Draft by the Miami Dolphins. Tennessee head coach Josh Heupel met with the media ahead of fall camp and discussed why they continue investing so much in the state.

“It is a border state,” Heupel explained to media on Tuesday. “For us, we believe and look at it and view it as part of our footprint. We are intentional in how we recruit that state.”

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