Greg Lindberg sued by Puerto Rican insurance company
August 5, 2020 by North State Journal Staff
RALEIGH — A businessman and political donor who was found guilty of attempting to bribe a state official is now the subject of a civil action surrounding an insurance company he controls. Greg Lindberg, an entrepreneur who is affiliated with dozens of businesses through his company Eli Global, has been sued by Universal Life Insurance Company (ULICO) over a personal guaranty Lindberg made to back PB Life and Annuity Company.
PB Life and ULICO were parties to a reinsurance agreement — a common transaction among insurance companies to spread out risk — struck in 2017. As part of the agreement, according to the lawsuit, Lindberg agreed to personal guarantee the financial arrangement and be on the hook if PB Life failed to meet its obligations to ULICO.
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