Insurance Officials Pursue Control of Many of Greg Lindberg’s Firms Executive’s private companies owe $2.1 billion, according to unsealed North Carolina documents
January 22, 2020 by Mark Maremont and Leslie Scism
North Carolina insurance officials are seeking appointment of a temporary receiver to take control of hundreds of private companies owned by insurance executive Greg Lindberg, newly unsealed state court documents show.
Mr. Lindberg’s private companies owe $1.3 billion to four insurers formerly under his control and $2.1 billion overall, the documents show. State Insurance Commissioner Mike Causey took control of those insurers in June based on concerns about their financial health, with court approval.
Mr. Lindberg failed to live up to a written agreement to reorganize many of his private entities by Sept. 30, 2019, under a new holding company that would be run by an independent board for the benefit of the insurers, according to an October amended complaint that was among the unsealed documents. The complaint also seeks an order forcing compliance with the prior agreement.
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