Published August 17, 2023
“We are deeply grateful to the Michigan Department of Insurance and Axar Capital for collaboratively working with us throughout the rehabilitative process to put the interests of policyholders first,” said Greg Lindberg
ORLANDO, FL, August 17, 2023 /24-7PressRelease/ — Global Growth recently announced the rehabilitation of Pavonia Life Insurance Company of Michigan (“Pavonia”), a Michigan insurance company affiliated with Global Growth and owned by Global Growth owner Greg Lindberg. As part of the rehabilitation, Pavonia was being acquired by Axar Capital Management.
The rehabilitation fully protects Pavonia’s 350,000 direct and reinsured policyholders and secures more than $900 million in policyholder insurance benefits. The rehabilitation is the culmination of an extended cooperative effort between Global Growth, Michigan regulators, and Axar Capital to help Pavonia successfully exit the voluntary rehabilitative process that began in June 2019.
“We are deeply grateful to the Michigan Department of Insurance and Axar Capital for collaboratively working with us throughout the rehabilitative process to put the interests of policyholders first,” said Greg Lindberg, entrepreneur, philanthropist and author. “This is a textbook example of how rehabilitations can and should work. Put policyholders first. Find common sense solutions. Work hand-in-hand to exit rehabilitation as soon as possible. When we do that, policyholders win.”
Mr. Lindberg continued, “I’m hopeful the North Carolina Department of Insurance will follow Michigan’s example and begin working with us to rehabilitate our affiliated insurance companies in North Carolina. There’s no need to waste millions of dollars in legal fees to score senseless legal points that won’t benefit a single policyholder. If we simply work together, we can help all policyholders from our North Carolina insurance companies — Colorado Bankers Life, Southland National Life Insurance Company, and Bankers Life Insurance Company — get full and complete access to their benefits in the next twelve months, if not sooner.”
About Greg Lindberg
Greg Lindberg is a successful entrepreneur, philanthropist and author. To learn more visit http://www.greglindberg.com. Over the course of his career, he has acquired and transformed more than 100 companies that were either failing or underperforming, each time finding and empowering great talent—people with the same commitment to hard work, learning, entrepreneurship, and a roll-up-your-sleeves attitude. Today, these companies are worth billions of dollars and employ 7,000 people. His experiences as a leader and related challenges have inspired him to empower people to achieve optimal success through wellness, longevity and leadership. Lindberg also has authored two books: Failing Early & Failing Often: How to Turn Your Adversity into Advantage and 633 Days Inside: Lessons on Life and Leadership, both of which are available on Amazon. See: https://633days.com/ and see: https://lifelonglabs.com/. In 2020, he founded Interrogating Justice, a non-profit organization whose mission is to bring awareness and help advance solutions that hold corrupt government actors accountable, ensure fairness in sentencing, support reentry, and provide access to justice for all. To learn more visit: https://interrogatingjustice.org/
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.