Judge approves distribution of $318M to Greg Lindberg victims

A North Carolina judge on Tuesday approved the distribution of $318 million to various victims of Greg Lindberg’s financial fraud.

Judge Max O. Cogburn accepted the special master’s report for the proceeds from the sale of the Clanwilliam Group of Companies. Several lawsuits had to be dealt with before the funds could be released, a process handled by the law firm Grier Wright Martinez, serving as special masters.

“Given the impediments to the Clanwilliam closing and fearing the loss of an opportunity to provide meaningful value to Defendant’s victims in the near future,” the parties “worked together to try to find a solution that would allow the Clanwilliam transaction to close,” Cogburn’s order stated.

Clanwilliam is considered a “primary restitution asset,” as identified by the special master. How Lindberg became involved with the company is an example of the complicated web his assets present to authorities.

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.

Clanwilliam "is a developer of healthcare software intended to serve pharmacists, acute hospitals, care homes, and private clinicians of every specialty and national healthcare organization," Pitchbook reported.

In May 2024, Lindberg was convicted for a second time of attempting to bribe North Carolina Insurance Commissioner Mike Causey. In November, 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.

Lindberg is helping the special master to unwind his financial empire to fulfill his restitution obligations.

The full payout

Cogburn's order authorizes this $318 million payout:

$172,171,598 allocated to the North Carolina Insurance Companies. These entities, which include Southland National Insurance Corp., Colorado Bankers Life Insurance Co., Bankers Life Insurance Co., and Southland National Reinsurance Corp., all owned by Lindberg, were placed in rehabilitation by order of the Superior Court of Wake County, N.C.

$108,195,266 to the Bermuda Insurance Companies. To be allocated as follows (subject to approval of the Bermuda Supreme Court): $80,993,997 for Private Bankers Life and Annuity, $18,868,418 for Northstar Financial Services, $3,714,041 for Omnia, and $4,618,810 for PB Investment Holdings.

$23,520,710 to Vista Life & Casualty Reinsurance Co.

$14,112,426 to the special master. Grier Law is to be paid $245,769.50 and reimbursed for expenses of $1,103.94. Scott Avila and Paladin Management Group, the financial advisor to the special master, is to receive $1,094,108.50 and reimbursed for expenses of $954.35.

© Entire contents copyright 2025 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

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.