The plan has already been submitted to the North Carolina Department of Insurance and will allow affected policyholders to receive funds within 12 months compared to 2029 under the current plan.
CEO Justin Holbrooke wants to meet with North Carolina Insurance Commissioner Mike Coase to work together on a plan that allows policyholders to gain access to their benefits as quickly as possible
Orlando, Florida, June 23, 2022— (BUSINESS WIRE) – Global Growth, a leading global investment company in healthcare and corporate technology, announced today a proposal to rehabilitate insurance companies in its portfolio, which will speed up the process by which North Carolina policyholders receive their benefits . This plan was officially presented to the North Carolina Department of Insurance.
In a letter to the North Carolina Department of Insurance (NCDOI) today, Global Growth CEO Justin Holbrooke said: “Today I am asking for a meeting with Commissioner Mike Cosey so that he and I can work together to implement a plan that will receive the funds of policyholders within 12 months, instead of seven years, as currently planned. “
“Global Growth’s highest strategic priority is to help our policyholders reap the benefits as soon as possible,” he added. “That is why we are making this proposed plan public to ensure transparency for our policyholders, who deserve a quick solution.”
To help policyholders reap the benefits within this shorter period, Global Growth has been working with lenders and brokers for six months to organize a series of short-term transactions that will reduce the concentration of related investments held. from insurance companies in North Carolina, will improve their liquidity and enable their recovery ahead of schedule in 2022, rather than in 2029 on the initial rehabilitation schedule.
“Global growth already has a plan to pay back $ 1 billion in related investments to our North Carolina affiliates on an accelerated schedule. We hope that the NCDOI will support our plan, “Holbrooke said. “If we work together as partners, I think we can complete this issue within a year, unlike the 10-year schedule that has been offered in the past. We would like to give policyholders access to their benefits quickly. There is no reason to postpone another day. “
Global Growth’s rehabilitation proposal includes (1) speeding up additional refinancing and sale deals to reduce investment in insurance companies, and (2) selling North Carolina insurance companies to a new owner who can return them. to regular activity.
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 three North Carolina-based insurance companies linked to Global Growth. If approved by the NCDOI, this plan will achieve the goal of rehabilitating insurance companies and ensure that policyholders receive their benefits.
For global growth
Global Growth is a global private investment firm with investments in health technology, financial services, collector’s value, 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 but opposite 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, providing innovative customer-oriented solutions, and helping our business leaders make a positive impact on their communities.
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