DURHAM, N.C., Dec. 5, 2022 /PRNewswire/ -- A binding stock purchase agreement for the sale of all of Greg Lindberg's North Carolina insurance companies was signed on Friday, Lindberg reports. The sale of stock by GBIG Capital, LLC to Universal Financial Holdings, LLC will allow all four of Lindberg's North Carolina insurance companies to exit rehabilitation and will allow policyholders to access all of their policy benefits upon closing, Lindberg says.

The insurance companies will be in a position of excellent financial strength to meet all policyholder obligations.

"The buyer group is backed by reinsurance from an investment firm with over $1 billion in capital under management and includes a well-respected former insurance regulator," Lindberg reports.

Upon completion of this sale transaction, including assets held in reinsurance trusts, the North Carolina insurers formerly owned by Lindberg will have $337 million of capital and surplus and will have $3.22 billion in total assets. Total cash and liquid assets, including assets held in reinsurance trusts, shall be $2.1 billion which is equivalent to approximately 95% of the current annuity account value – an extraordinarily high liquidity number in relation to annuity account value.

"With $337 million in capital and surplus and $2.1 billion in liquidity the insurance companies will be in a position of excellent financial strength to meet all policyholder obligations," Lindberg reports.

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