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