$150M+ asset sale payout distributed to Greg Lindberg policyholders

More than $150 million from the sale of a key asset tied to Greg Lindberg’s insurance empire has been distributed to policyholders who have uncovered claims, according to a new report filed by the court-appointed special master.

About 95% of the nearly $158 million distributed to affected policyholders had been deposited as of the close of the reporting period, April 30. In total, 43,793 checks were issued to policyholders affiliated with Lindberg-controlled North Carolina insurance companies, with approximately 74% of the checks having cleared, wrote Michael Martinez, of Grier Wright Martinez, the law firm appointed as special master.

The distributions stem from the sale of the Clanwilliam Group, a major restitution asset tied to Lindberg’s business network. How Lindberg became involved with the company is an example of the difficult challenge the special master faced in tracking down assets.

According to reports in the Irish press, Eli Global, Lindberg’s private equity firm, invested in Helix Health in 2014. This investment led to the creation of Clanwilliam Group. Lindberg served as a director of Triton Financial, which in turn was the sole shareholder of Clanwilliam Headquarters, the entity that owned the Clanwilliam Group name.

In November 2020, a UK-based trust, Clanwilliam Group Trust, was established to take control of Clanwilliam companies. TA Associates Management acquired Clanwilliam via a "$450 million LBO on March 13, 2025," according to Pitchbook Data.

Payment terms

Under a July 2025 court order, proceeds allocated to the North Carolina insurers were first directed to policyholders whose claims were not covered by state guaranty associations. Remaining funds were then paid directly to the insurers.

The special master team spent months verifying policyholder identities, addresses and claim amounts, Martinez said. Nearly 1,000 checks were reissued during the reporting period in response to requests from recipients.

Only one policyholder has formally disputed the amount received, according to the filing.

Disagreements remain among victims, prosecutors and Lindberg’s legal team over issues including loss calculations, credits for previously returned assets and the priority of restitution payments, Martinez said.

Lindberg formerly owned Southland National Insurance Corp., Bankers Life Insurance Co., Colorado Bankers Life Insurance Co. and Southland National Reinsurance Corp. His legal troubles left hundreds of policyholders with no access to their policies or funds.

Meanwhile, efforts continue to liquidate other restitution assets. One major asset is currently undergoing a sale process, Martinez wrote, with officials working to secure court approvals and liability protections sought by potential buyers. Additional affiliated companies tied to Lindberg’s former business empire may also be sold, he added.

The report noted that many affiliated entities continue to face banking and corporate registration difficulties because of Lindberg’s former ownership interests. Officials are working to simplify the complicated corporate structure surrounding the companies and related trusts, Martinez said.

Seeking a short sentence

In May 2024, Lindberg was convicted for a second time of attempting to bribe North Carolina Insurance Commissioner Mike Causey. In November 2024, Lindberg pleaded guilty to engineering a $2 billion fraud. His guilty plea on a money laundering conspiracy charge carries a maximum 10-year sentence, the Department of Justice said.

In a Thursday filing, Lindberg's attorneys requested concurrent 48-month prison sentences in both cases. The filing also seeks additional reductions that would effectively credit Lindberg for nearly all of his time already served in custody.

The Martinez report also disclosed more than $2.1 million in payments for legal, financial advisory and claims administration services to other firms involved in the liquidation of the Lindberg empire. That included nearly $892,000 paid to Paladin Management Group, about $594,000 to law firm Katten Muchin Rosenman and more than $308,000 to Epiq Corporate Restructuring for administering restitution payments.

In addition to policyholder distributions, the special master distributed about $20 million from the Clanwilliam sale proceeds directly to the North Carolina insurers formerly owned by Lindberg.

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.