Global Growth Proposes Accelerated Insurance Rehabilitation Plan and Commits $1 Billion to Policyholders
Global Growth, a leading global healthcare and enterprise technology investment firm, announced today a proposal for rehabilitating the insurance companies in its portfolio which would accelerate the process by which North Carolina policyholders receive their benefits. This plan has been formally submitted to the North Carolina Department of Insurance.
In a letter submitted to the North Carolina Department of Insurance (NCDOI) today, Global Growth CEO Justin Holbrook, said: "Today I am asking for a meeting with Commissioner Mike Causey so together he and I can work collaboratively to execute on a plan that would get policyholders their funds within 12 months instead of in seven years as is currently planned."
"Global Growth's highest strategic priority is to help our policyholders access their benefits as soon as possible," he added. "It's why we are making this proposed plan public to provide transparency to our policyholders who deserve a swift resolution."
To help policyholders access their benefits within this shorter timeline, Global Growth has been working with lenders and brokers for six months to arrange a series of near-term transactions that will reduce the concentration of affiliated investments held by the North Carolina insurance companies, improve their liquidity, and enable their rehabilitation ahead of schedule in 2022, rather than in 2029 under the original rehabilitation timeline.
"Global Growth now has a plan to repay $1 billion in ffiliated investments to our affiliated North Carolina entities on an accelerated schedule. We're hopeful the NCDOI will support our plan," said Holbrook. "If we work together as partners, I think we can bring this matter to a close within a year, as opposed to the 10-year timeline that's been offered in the past. We'd like to give policyholders access to their benefits rapidly. There's no reason to delay a single day longer."
The rehabilitation proposal by Global Growth involves (1) expediting additional refinancing and sale transactions to reduce the insurance companies affiliated investments, and (2) selling the North Carolina insurance companies to a new owner who can return them to regular operations.
Earlier this month, Global Growth shared its rehabilitation plan with the NCDOI along with a signed letter of interest (LOI) from an insurance industry buyer interested in acquiring all three North Carolina insurance companies affiliated with Global Growth. If approved by NCDOI, this plan would accomplish the goal of rehabilitating the insurance companies and making sure that policyholders receive their policy benefits.
About Global Growth
Global Growth is a global private investment firm with investments in healthcare technology, financial services, collectibles, alternative assets, and communications. Our companies operate in more than 20 countries and employ more than 7,500 people worldwide. We were founded by Greg Lindberg (www.greglindberg.com) on a simple yet contrarian idea: companies that make the world a better place are more likely to thrive. Since our founding, our investment team has focused on sustainable, long-term investment strategies that reflect our business principles. We believe in generating meaningful returns for our stakeholders, delivering innovative, customer-centric solutions, and helping our business leaders positively impact their communities.